8.94 An automobile dealer wants to estimate the propor- tion of customers who still own the cars they purchased five years earlier. Sales records indicate that the population of owners is 4,000. A random sample of 200 customers selected without replacement from the automobile dealer's records indicate that 82 still own cars that were purchased five years earlier. a. Construct a 95% confidence interval estimate of the pop- ulation proportion of all customers who still own their cars five years after they were purchased. b. What sample size is necessary to estimate the population proportion to within ±0.025 with 95% confidence? c. What are your answers to (a) and (b) if the population consists of 6,000 owners?

MATLAB: An Introduction with Applications
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Author:Amos Gilat
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8.94 An automobile dealer wants to estimate the propor-
tion of customers who still own the cars they purchased five
years earlier. Sales records indicate that the population of
owners is 4,000. A random sample of 200 customers
selected without replacement from the automobile dealer's
records indicate that 82 still own cars that were purchased
five years earlier.
a. Construct a 95% confidence interval estimate of the pop-
ulation proportion of all customers who still own their
cars five years after they were purchased.
b. What sample size is necessary to estimate the population
proportion to within ±0.025 with 95% confidence?
c. What are your answers to (a) and (b) if the population
consists of 6,000 owners?
Transcribed Image Text:8.94 An automobile dealer wants to estimate the propor- tion of customers who still own the cars they purchased five years earlier. Sales records indicate that the population of owners is 4,000. A random sample of 200 customers selected without replacement from the automobile dealer's records indicate that 82 still own cars that were purchased five years earlier. a. Construct a 95% confidence interval estimate of the pop- ulation proportion of all customers who still own their cars five years after they were purchased. b. What sample size is necessary to estimate the population proportion to within ±0.025 with 95% confidence? c. What are your answers to (a) and (b) if the population consists of 6,000 owners?
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