Where Millionaires Live in America. In a 2018 study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, D.C.; and Lexington Park, Maryland as the four U.S. cities with the highest percentage of millionaires (Kiplinger website, https://www.kiplinger.com/slideshow/investing/T064-S001-where-millionaires -live-in-america-2018/index.html). The following data show the following number of millionaires for samples of individuals from each of the four cities. Bridgeport San Jose Washington Lexington Park, City Millionaire CT CA D.C. MD Yes 44 35 35 34 No 356 350 364 366 a. What is the estimate of the percentage of millionaires in each of these cities? b. Using a .05 level of significance, test for the equality of the population proportion of millionaires for these four cities. What is the p-value and what is your conclusion?
27. Where Millionaires Live in America. In a 2018 study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, D.C.; and Lexington Park, Maryland as the four U.S. cities with the highest percentage of millionaires (Kiplinger website, https://www.kiplinger.com/slideshow/investing/T064-S001-where-millionaires -live-in-america-2018/index.html). The following data show the following number of millionaires for samples of individuals from each of the four cities.
Bridgeport San Jose Washington Lexington Park,
City Millionaire CT CA D.C. MD
Yes 44 35 35 34
No 356 350 364 366
a. What is the estimate of the percentage of millionaires in each of these cities?
b. Using a .05 level of significance, test for the equality of the population proportion of millionaires for these four cities. What is the p-value and what is your conclusion?
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