According to a study, 1156 out of 7730 adults said that they would ask their siblings first in case they need an emergency loan. Using these data, construct a 90% confidence interval. Also find the margin of error. Round your answers to 3 decimal places.
According to a study, 1156 out of 7730 adults said that they would ask their siblings first in case they need an emergency loan. Using these data, construct a 90% confidence interval. Also find the margin of error. Round your answers to 3 decimal places.
Obtain the 90% percent confidence interval for the proportion of adults said that they would ask their siblings first in case they need an emergency loan.
The 90% percent confidence interval for the proportion of adults said that they would ask their siblings first in case they need an emergency loan is obtained below:
Use EXCEL Procedure for finding the critical value of z.
Follow the instruction to obtain the critical value of z:
- Open EXCEL
- Go to Formula bar.
- In formula bar enter the function as“=NORMINV”
- Enter the probability as 0.95
- Enter the mean as 0 and the Standard deviation as 1.
- Click enter
EXCEL output:
From the EXCEL output, the critical value of z at the 90% confidence level is 1.645.
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