In a random sample of 765 adults in the United States, 122 of them said if they had to cover a $400 emergency expense, they would need to use a credit card and pay it back over time. Is the sample size large enough to use the Normal model to construct a confidence interval for the parameter being estimated? Show how you know.If the standard error of the estimate is 0.0133, construct a 95% confidence interval for this parameter. Round your answers to 4 decimal places.Interpret the confidence interval that you constructed.

Answered: Is the sample size large enough to use…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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In a random sample of 765 adults in the United States, 122 of them said if they had to cover a $400 emergency expense, they would need to use a credit card and pay it back over time.

Is the sample size large enough to use the Normal model to construct a confidence interval for the parameter being estimated? Show how you know.
If the standard error of the estimate is 0.0133, construct a 95% confidence interval for this parameter. Round your answers to 4 decimal places.
Interpret the confidence interval that you constructed.

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