Question

On the basis of the confidence interval of 95%, is it reasonable to conclude that more than half of the customers use a debit card?

95% Confidence Interval= X+/- (1.96 (Sx)/√n)
=(.3079, .5587)

Answer 1

?

Answer 2

i have this confidence interval but I'm not sure how to interpret it there are 60 people in the study if this helps any

Answer 3

hold on, i will be away for awhile but i will get back to this question

Answer 4

ok thanks

Answer 5

we have 95% confidence that the population proportion p is between .3079 and .5587

Answer 6

so that means that it is pretty likely that the population is in that interval (it's not 100% guaranteed though)

so because of this, I would argue that the population proportion is probably near p = 0.40 or so

it could be over 0.50, but because the distance from 0.50 to 0.55 is very small compared to the rest of the interval, it seems more likely the value of p is not in this range

Answer 7

ok thanks that helps.

Answer 8

np