In a recent study it was reported that 46% of Americans under the age of 65 are not financially prepared for retirement. This leads us to believe that they will continue to work past retirement age, creating a lack of available jobs for recent college grads and other qualified people in younger age brackets. We look at a random sample of 500 Americans under the age of 65. #1. Justify the sampling distribution is approximately normal. Write in full sentences.
Make sure you look at the following:
-Independent, Random, 10% condition, np and n(1-p)
#2. Find the mean.
#3. Find the standard deviation.
Round to 3 decimal places
#4. In a random sample of 500 people, what is the probability that more than half will report they are not financially prepared for retirement?
#5. In a different random sample of 500 people, would it be unusual for 59% of people to report they are not financially prepared for retirement?
Yes, it is unusual because less than 1% of samples will fall within this category
Group of answer choices:
a) Yes, it is unusual because less than 1% of samples will fall within this category
b) Yes, it is unusual because over 10% of samples will fall within this category
c) No, it is not unusual because less than 1% of samples will fall within this category
d) No, it is not unusual because over 10% of samples will fall within this category