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A Phoenix Wealth Management/Harris Interactive survey of 1200 individuals with net worth of $1 million or more provided a variety of statistics on...

A Phoenix Wealth Management/Harris Interactive survey of 1200 individuals with net worth of $1 million or more provided a variety of statistics on wealthy people (Business Week, September 22, 2013). The previous three-year period had been bad for the stock market, which motivated some of the questions asked. The survey reported that 63% of the respondents lost 25% or more of their portfolio value over the past three years. Develop a 95% confidence interval for the proportion of wealthy people who lost 25% or more of their portfolio value over the past three years. Nearest 0.01.

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Require 95%... View the full answer

3 comments
  • how exactly do you use the tables to find 1.96?
    • johntyler89
    • May 01, 2018 at 12:08pm
  • 95% confidence and 5% rejection placed in both sides. i.e 0.05/2 = 0.025, so from tables, Z0.025 = 1.96,
    • chinnaistats
    • May 01, 2018 at 9:54pm
  • Z0.025 = -1.96, Z0.975 = 1.96
    • chinnaistats
    • May 01, 2018 at 9:54pm

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