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(a) Construct the 90% confidence interval for the difference in the population proportions. (b) Identify the point estimate for the difference between the sample proportions. (c) (d) (e) Determine the critical value and the margin of error. Interpret your result in part (a). At the 90% level of confidence, does it appear that target saving amount for individual's retirement increase with age? (f) State a set of statistical hypotheses for this question that can be tested by the data described above.

(a) Construct the 90% confidence interval for the difference in the population proportions. (b) Identify the point estimate for the difference between the sample proportions. (c) (d) (e) Determine the critical value and the margin of error. Interpret your result in part (a). At the 90% level of confidence, does it appear that target saving amount for individual's retirement increase with age? (f) State a set of statistical hypotheses for this question that can be tested by the data described above.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.2: Arithmetic Sequences
Problem 67E
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A survey of 1300 working adults showed the following result: Out of 670 working adults age 35 and below (sample 1), 350 respondents answered that more than $500,000 of saving is required for their retirement. Out of 630 working adults above age 35 (sample 2), 430 respondents answered that more than $500,000 of saving is required for their retirement. Does target saving amount for individual's retirement increase with age? ((a) Construct the 90% confidence interval for the difference in the population proportions. (b) Identify the point estimate for the difference between the sample proportions. (c) Determine the critical value and the margin of error. (d) Interpret your result in part (a). (e) At the 90% level of confidence, does it appear that target saving amount for individual's retirement increase with age? (f) State a set of statistical hypotheses for this question that can be tested by the data described above. (g) By using the Critical Value method, perform a test at the 3% level of significance, state the strength of evidence for the alternative hypothesis.
Transcribed Image Text:A survey of 1300 working adults showed the following result: Out of 670 working adults age 35 and below (sample 1), 350 respondents answered that more than $500,000 of saving is required for their retirement. Out of 630 working adults above age 35 (sample 2), 430 respondents answered that more than $500,000 of saving is required for their retirement. Does target saving amount for individual's retirement increase with age? ((a) Construct the 90% confidence interval for the difference in the population proportions. (b) Identify the point estimate for the difference between the sample proportions. (c) Determine the critical value and the margin of error. (d) Interpret your result in part (a). (e) At the 90% level of confidence, does it appear that target saving amount for individual's retirement increase with age? (f) State a set of statistical hypotheses for this question that can be tested by the data described above. (g) By using the Critical Value method, perform a test at the 3% level of significance, state the strength of evidence for the alternative hypothesis.
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