Please submit your Excel file and highlight your answers in color.Brief CaseHas Gold Lost its Luster?In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment.However, in April of 2013 Gallup surveyed 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 chosegold as the best long-term investment. With 95% confidence, compute the margin of error of the sample proportion. Compute and describe a 95% confidence interval in the context of the case. Do you think opinions about the value of gold as a long-term investment have really changedfrom the old 34% favorable rate, or do you think this is a sample variability? Explain your answerusing the calculated statistics. Suppose the Gallup organization wants to offer a new investment option and wants to estimate,to within 5%, the proportion of customers who are likely to make this new investment with 95%confidence. How large a sample do they need?
Please submit your Excel file and highlight your answers in color.Brief CaseHas Gold Lost its Luster?In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment.However, in April of 2013 Gallup surveyed 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 chosegold as the best long-term investment. With 95% confidence, compute the margin of error of the sample proportion. Compute and describe a 95% confidence interval in the context of the case. Do you think opinions about the value of gold as a long-term investment have really changedfrom the old 34% favorable rate, or do you think this is a sample variability? Explain your answerusing the calculated statistics. Suppose the Gallup organization wants to offer a new investment option and wants to estimate,to within 5%, the proportion of customers who are likely to make this new investment with 95%confidence. How large a sample do they need?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Please submit your Excel file and highlight your answers in color.
Brief Case
Has Gold Lost its Luster?
In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment.
However, in April of 2013 Gallup surveyed a random sample of U.S. adults. Respondents were asked to
select the best long-term investment from a list of possibilities. Only 241 of the 1005 respondents chose
gold as the best long-term investment.
With 95% confidence, compute the margin of error of the sample proportion.
Compute and describe a 95% confidence interval in the context of the case.
Do you think opinions about the value of gold as a long-term investment have really changed
from the old 34% favorable rate, or do you think this is a sample variability? Explain your answer
using the calculated statistics.
Suppose the Gallup organization wants to offer a new investment option and wants to estimate,
to within 5%, the proportion of customers who are likely to make this new investment with 95%
confidence. How large a sample do they need?
Brief Case
Has Gold Lost its Luster?
In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment.
However, in April of 2013 Gallup surveyed a random sample of U.S. adults. Respondents were asked to
select the best long-term investment from a list of possibilities. Only 241 of the 1005 respondents chose
gold as the best long-term investment.
With 95% confidence, compute the margin of error of the sample proportion.
Compute and describe a 95% confidence interval in the context of the case.
Do you think opinions about the value of gold as a long-term investment have really changed
from the old 34% favorable rate, or do you think this is a sample variability? Explain your answer
using the calculated statistics.
Suppose the Gallup organization wants to offer a new investment option and wants to estimate,
to within 5%, the proportion of customers who are likely to make this new investment with 95%
confidence. How large a sample do they need?
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