Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. in 2011, when the gallup organization polled inves

In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. In...

50.1K

Verified Solution

Question

Basic Math

In 2011, when the Gallup organization polled investors, 34%rated gold the best long-term investment. In April of 2013 Gallupsurveyed a random sample of U.S. adults. Respondents were asked toselect the best long-term investment from a list of possibilities.Only 241 of the 1005 respondents chose gold as the best long-terminvestment. By contrast, only 91 chose bonds.

  1. Compute the standard error for each sample proportion. Computeand describe a 95% confidence interval in the context of thequestion.
  2. Do you think opinions about the value of gold as a long-terminvestment have really changed from the old 34% favorability rate,or do you think this is just sample variability? Explain.
  3. Suppose we want to increase the margin of error to 3%, what isthe necessary sample size?
  4. Based on the sample size obtained in part c, suppose 120respondents chose gold as the best long-term investment. Computethe standard error for choosing gold as the best long-terminvestment. Compute and describe a 95% confidence interval in thecontext of the question.
  5. Based on the results of part d, do you think opinions about thevalue of gold as a long-term investment have really changed fromthe old 34% favorability rate, or do you think this is just samplevariability? Explain.

Answer & Explanation Solved by verified expert
3.9 Ratings (419 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Two sprinters of equal mass leave the starting blocks with the following horizontal and vertical...

Calculus
Q

What should be the dimensions of a rectangle inscribed in a semicircle of radius 5 centimeters...

Basic Math
Q

Describe some of the inequities present in the American public education system. Use a conflict-oriented perspective...

Psychology
Q

Employee performance depends on three factors. Identify the factors and describe how each of those factors...

General Management
Q

How much heat energy must be added to a 7 6 cm diameter copper sphere...

Physics
Q

Which of the following formula is used to find the distance between the points X...

Geometry
Q

Use the following graph to obtain the graph of the function found by replacing sin...

Basic Math
Q

Logan wants to mix a 19 acid solution with a 47 acid solution to get...

Algebra
Q

(Click to view the division data.) Read the requirements. \begin{tabular}{|c|c|c|c|c|} \hline &...

Accounting
Q

On January 1, 2023, French Company acquired 60...

Accounting
Q

Chocolate milk was earlier perceived as a kids' beverage but is now perceived as a...

Accounting
Q

Requirement: Prepare Journal Entries for: ...

Accounting