A firm randomly samples 100 workers at its New York plant and finds that 32% of the workers say that they buy the firm's product. Calculate a 99% confidence interval estimate for the true percentage of workers who say they buy the firm's product.Please explain Answer: (.20, .44)

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Asked Nov 24, 2019
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A firm randomly samples 100 workers at its New York plant and finds that 32% of the workers say that they buy the firm's product. Calculate a 99% confidence interval estimate for the true percentage of workers who say they buy the firm's product.

Please explain 

Answer: (.20, .44) 

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Expert Answer

Step 1

The proportion of workers who say that they buy the firm’s product is 0.32.

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That is, p 0.32 The standard deviation is calculated as follows: p(1-p) 0.32(1-0.32) 100 п = 0.047

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Step 2

The 99% confidence ...

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By Excel fn P(1-p) 0.32 2.576(0.047) = NORM.S.INV n (0.005) 0.32 0.121 0.20, 0.44

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