Country Financial, a financial services company, uses surveys of adults age 18 and older to determine if personal financial fitness is changing over time (USA Today, April 4, 2012). In February 2012, a sample of 1000 adults showed 410 indicating that their financial security was more than fair. In February 2010, a sample of 900 adults showed 315 indicating that their financial security was more than fair.State the hypotheses that can be used to test for a significant difference between the population proportions for the two years.What is the sample proportion indicating that their financial security was more than fair in 2012? In 2010?Conduct the hypothesis test and compute the p-value. At a .05 level of significance, what is your conclusion?What is the 95% confidence interval estimate of the difference between the two population proportions?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Country Financial, a financial services company, uses surveys of adults age 18 and older to determine if personal financial fitness is changing over time (USA Today, April 4, 2012). In February 2012, a sample of 1000 adults showed 410 indicating that their financial security was more than fair. In February 2010, a sample of 900 adults showed 315 indicating that their financial security was more than fair.

State the hypotheses that can be used to test for a significant difference between the population proportions for the two years.
What is the sample proportion indicating that their financial security was more than fair in 2012? In 2010?
Conduct the hypothesis test and compute the p-value. At a .05 level of significance, what is your conclusion?
What is the 95% confidence interval estimate of the difference between the two population proportions?

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