According to a 2009 Reader's Digest article, people throw away approximately 11% of what they buy at the grocery store. Assume this is the true proportion and you plan to randomly survey 111 grocery shoppers to investigate their behavior. What is the probability that the sample proportion exceeds 0.08? Note: You should carefully round any intermediate values you calculate to 4 decimal places to match wamap's approach and calculations.
According to a 2009 Reader's Digest article, people throw away approximately 11% of what they buy at the grocery store. Assume this is the true proportion and you plan to randomly survey 111 grocery shoppers to investigate their behavior. What is the probability that the sample proportion exceeds 0.08?
Note: You should carefully round any intermediate values you calculate to 4 decimal places to match wamap's approach and calculations.
Answer = (Enter your answer as a number accurate to 4 decimal places.)
Based on past experience, a bank believes that 7.5 % of the people who receive loans will not make payments on time. The bank has recently approved 220 loans.
What must be true to be able to approximate the sampling distribution with a normal model? Before proceeding, think about whether the conditions have been met.
What are the mean and standard deviation of the sampling distribution of the proportion of people who will not make payments on time in samples of 220?
mean, as a decimal =
standard deviation (accurate to 3 decimal places) =
What is the probability that over 10% of the clients in the group of 220 clients will not make timely payments? (accurate to 3 decimal places) (Remember: do not use rounded results in later calculations; rather use the value from prior-to-rounding.)
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