Question

Brief Case Has Gold Lost its Luster? In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. However, in April of 2013 Gallup surveyed a random sample of U.S. adults. Respondents were asked to select the best long-term investment from a list of possibilities. Only 241 of the 1005 respondents chose gold as the best long-term investment. • Compute the margin of error of the sample proportion. • Compute and describe a 95% confidence interval in the context of the case. • Do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorable rate, or do you think this is a sample variability? Explain your answer using the calculated statistics. • Suppose the Gallup organization wants to offer a new investment option and wants to estimate, to within 5%, the proportion of customers who are likely to make this new investment with 95% confidence. How large a sample do they need? please send excel file to rebecca.rodgers001 <<<< g   m a i l account.

Answer 1

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