(a)
To find: The 95% confidence interval for question (a).
(a)
Answer to Problem 101E
Solution: The 95% confidence interval for question (a) is
Explanation of Solution
Calculation: The formula for confidence interval is defined as;
Where m is the margin of error which is defined as:
The sample proportion is provided as
The value of
So, the margin of error is obtained as:
The 95% confidence interval for question (a) is obtained as;
Interpretation: There is 95% confidence that between 52.78% and 58.22% of students feel burdened by their student loan payments.
(b)
To find: The 95% confidence interval for question (b).
(b)
Answer to Problem 101E
Solution: The 95% confidence interval for question (b) is
Explanation of Solution
Calculation: The formula for confidence interval is defined as;
Where m is the margin of error which is defined as:
The sample proportion is provided as
The value of
So, the margin of error is obtained as:
The 95% confidence interval for question (b) is obtained as;
Interpretation: There is 95% confidence that between 51.68% and 57.12% of students would like to borrow lesser loan if the loan begins again.
(c)
To find: The 95% confidence interval for question (c).
(c)
Answer to Problem 101E
Solution: The 95% confidence interval for question (c) is
Explanation of Solution
Calculation: The formula for confidence interval is defined as;
Where m is the margin of error which is defined as:
The sample proportion is provided as
The value of
So, the margin of error is obtained as:
The 95% confidence interval for question (b) is obtained as;
Interpretation: There is 95% confidence that between 31.69% and 36.19% of students disagreed that the education loans are not more financial hardship than expected at the time of taking loans.
(d)
To find: The 95% confidence interval for question (d).
(d)
Answer to Problem 101E
Solution: The 95% confidence interval for question (d) is
Explanation of Solution
Calculation: The formula for confidence interval is defined as;
Where m is the margin of error which is defined as:
The sample proportion is provided as
The value of
So, the margin of error is obtained as:
The 95% confidence interval for question (b) is obtained as;
Interpretation: There is 95% confidence that between 56.20% and 61.60% of students agreed that payment of loans is unpleasant even though the benefits of education loans are worthy.
(e)
To find: The 95% confidence interval for question (e).
(e)
Answer to Problem 101E
Solution: The 95% confidence interval for question (e) is
Explanation of Solution
Calculation: The formula for confidence interval is defined as;
Where m is the margin of error which is defined as:
The sample proportion is provided as
The value of
So, the margin of error is obtained as:
The 95% confidence interval for question (b) is obtained as;
Interpretation: There is 95% confidence that between 56.20% and 61.60% of students are satisfied with the investment for education loan which worth for career opportunities.
(f)
To find: The 95% confidence interval for question (f).
(f)
Answer to Problem 101E
Solution: The 95% confidence interval for question (f) is
Explanation of Solution
Calculation: The formula for confidence interval is defined as;
Where m is the margin of error which is defined as:
The sample proportion is provided as
The value of
So, the margin of error is obtained as:
The 95% confidence interval for question (b) is obtained as;
Interpretation: There is 95% confidence that between 69.03% and 73.97% of students are satisfied with the investment for student loan which worth for personal growth.
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Chapter 8 Solutions
INTRO.TO PRACTICE STATISTICS-ACCESS
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillCollege Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning