The Chartered Financial Analyst (CFA) institute reported that 51% of its U. S. members indicate that lack of ethical culture within financial firms has contributed the most to the lack of trust in the financial industry. (Source: Data extracted from Global Market Sentiment Survey 2013,cfa.is/YqVCKB.) Suppose that you select a sample of 100 CFA members.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 50% and 55%?The probability is 90% that the sample percentage will be contained within what symmetrical limits of the population percentage?The probability is 95% that the sample percentage will be contained within what symmetrical limits of the population percentage?Suppose you selected a sample of 400 CFA members. How does this change your answers in (a) through (c)?

Question
Asked Oct 14, 2019

The Chartered Financial Analyst (CFA) institute reported that 51% of its U. S. members indicate that lack of ethical culture within financial firms has contributed the most to the lack of trust in the financial industry.

 

(Source: Data extracted from Global Market Sentiment Survey 2013,cfa.is/YqVCKB.)

 

Suppose that you select a sample of 100 CFA members.

  1. 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 50% and 55%?
  2. The probability is 90% that the sample percentage will be contained within what symmetrical limits of the population percentage?
  3. The probability is 95% that the sample percentage will be contained within what symmetrical limits of the population percentage?
  4. Suppose you selected a sample of 400 CFA members. How does this change your answers in (a) through (c)?
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The 100 (1 – α) % confidence interval for the population proportion, π is: (p – (/2­) (π (1 – π)/n), p + (/2­) (π (1 – π)/n)).

Here, n is the sample size, p is the sample proportion, and /21 is th...

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