Question

An institute reported that 70​% 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.

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 69​% and 76​%? _____ ​(Type an integer or decimal rounded to four decimal places as​ needed.)

b. The probability is 70​% that the sample percentage will be contained within what symmetrical limits of the population​ percentage? The probability is 70​% that the sample percentage will be contained above ____ and below ____. ​(Type integers or decimals rounded to one decimal place as​ needed.)

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 ___ and below ___. ​(Type integers or decimals rounded to one decimal place as​ needed.)

d. Suppose you selected a sample of 400 institute members. How does this change your answers in ​(a) through ​(c)​?

A. 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.

B. 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.

C. 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.

D. 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

Answer 1