Follow PANIC acronym In a recent survey of 4276 randomly selected households, it was found that 4020 of them had telephones. Using these results, we aim to construct a 99% confidence interval estimate of the true proportion of households with telephones.### Confidence Interval Estimation Steps:**P - PARAMETER**- Describe the parameter in context. This should be a complete sentence.**A - ASSUMPTIONS**- Are we allowed to construct an interval and why?**N - NAME THE INTERVAL**- State what command you will be using to compute the interval along with the values you need.**I - INTERVAL CALCULATION**- Find the interval.**C - CONCLUSION**- Write a sentence summarizing what you have found.### Explanation- **P - PARAMETER**: The parameter of interest is the true proportion of households that have telephones. - **A - ASSUMPTIONS**: We need to verify that the sample size is large enough and the sample is random to generalize the results to the population. Typically, the conditions for constructing a confidence interval for a proportion include: - The sample is random. - The sample size is less than 10% of the population, ensuring independence. - Both np and n(1-p) are greater than 10, where n is the sample size and p is the sample proportion.- **N - NAME THE INTERVAL**: For this scenario, we use a 99% confidence interval for the population proportion. The formula to compute the interval is \[ \hat{p} \pm Z \sqrt{\frac{\hat{p}(1-\hat{p})}{n}} \], where \(\hat{p}\) is the sample proportion, Z is the critical value from the Z-distribution corresponding to the desired confidence level, and n is the sample size.- **I - INTERVAL CALCULATION**: Calculate the interval using the formula mentioned above. Substitute the known values: - \(\hat{p} = \frac{4020}{4276}\) - Z value for 99% confidence level - n = 4276- **C - CONCLUSION**: Once the interval is calculated, a concluding sentence should summarize the findings. For instance, "We are 99% confident that the true proportion of households with telephones lies within the calculated interval."By following these

Name: Follow PANIC acronym In a recent survey of 4276 randomly selected hous
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Description: Follow PANIC acronym In a recent survey of 4276 randomly selected households, it was found that 4020 of them had telephones. Using these results, we aim to construct a 99% confidence interval estimate of the true proportion of households with telepho

Sample size is n = 4276 Number of households with telephones = 4020

Answered: 99% confidence interval estimate of the…

Math

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99% confidence interval estimate of the true proportion of households with telephones.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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