Part 1 a. What is the probability that the sample percentage indicating that lack of ethical culture within financial firms has contributed the most to the lack of trust in the financial industry will be between 58% and 64%? enter your response here (Type an integer or decimal rounded to four decimal places as ne
Part 1 a. What is the probability that the sample percentage indicating that lack of ethical culture within financial firms has contributed the most to the lack of trust in the financial industry will be between 58% and 64%? enter your response here (Type an integer or decimal rounded to four decimal places as ne
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 18T: You attend a karaoke night and hope to hear your favorite song. The karaoke song book has 300...
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Question
An institute reported that
62%
of its members indicate that lack of ethical culture within financial firms has contributed most to the lack of trust in the financial industry. Suppose that you select a sample of 100 institute members. Complete parts (a) through (d) below.Question content area bottom
Part 1
a. What is the probability that the sample percentage indicating that lack of ethical culture within financial firms has contributed the most to the lack of trust in the financial industry will be between
58%
and
64%?
enter your response here
(Type an integer or decimal rounded to four decimal places as needed.)Part 2
b. The probability is
60%
that the sample percentage will be contained within what symmetrical limits of the population percentage?The probability is
60%
that the sample percentage will be contained above
enter your response here
%
and below
enter your response here
%.
(Type integers or decimals rounded to one decimal place as needed.)
Part 3
c. The probability is
91%
that the sample percentage will be contained within what symmetrical limits of the population percentage?The probability is
91%
that the sample percentage will be contained above
enter your response here
%
and below
enter your response here
%.
(Type integers or decimals rounded to one decimal place as needed.)
Part 4
d. Suppose you selected a sample of 400 institute members. How does this change your answers in (a) through
(c)?
An increase in sample size decreases the standard error, causing the value of the answer to part (a) to decrease and the ranges in parts (b) and (c) to narrow.
An increase in sample size increases the standard error, causing the value of the answer to part (a) to increase and the ranges in parts (b) and (c) to widen.
An increase in sample size decreases the standard error, causing the value of the answer to part (a) to increase and the ranges in parts (b) and (c) to narrow.
An increase in sample size increases the standard error, causing the value of the answer to part (a) to decrease and the ranges in parts (b) and (c) to widen.
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