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Mathematics, 04.07.2020 04:01 JPU
A report on consumer financial literacy summarized data from a representative sample of 1,570 adult Americans. Based on data from this sample, it was reported that over half of U. S. adults would give themselves a grade of A or B on their knowledge of personal finance. This statement was based on observing that 820 people in the sample would have given themselves a grade of A or B.
Required:
a. Construct and interpret a 95% confidence interval for the proportion of all adult Americans who would give themselves a grade of A or B on their financial knowledge of personal finance.
b. Is the confidence interval from part (a) consistent with the statement that a majority of adult Americans would give themselves a grade of A or B? Explain why or why not. Because this confidence interval , the interval consistent with the statement that a majority of adult Americans would give themselves a grade of A or B.
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