please help answer Q4 D and E only. I have attached Q2 and Q3 for reference and
ID: 3064748 • Letter: P
Question
please help answer Q4 D and E only. I have attached Q2 and Q3 for reference and my answers.
Not Excel. Problem 2. You are in charge of a new accounting client, and as you speak with the client, you have the sense that there may be a substantial proportion (p) of invoices that have been incorrectly entered into the books To estimate p, you gather a sample of 100 invoices at random from over sixty thousand, and find that 18 were misfiled. What is the sample proportion of misfiled invoices? Is your sample size large enough to use the normal distribution to approximate the sampling distribution for p-hat? a. b. c. What is the standard error? d. Use a confidence level of 99%, what is the margin of error? e. write down the 99% confidence interval for p. f. In a single sentence, write down the correct conclusion based on the Cl reported above. g. What is the probability that the true proportion of all invoices is within the confidence interval you reported above? h. If you wish to drive down the margin of error to 0.05 (i.e. five percentage points), retaining the 99% confidence level, what sample size would you require? If your boss insisted on a 0.05 margin of error, but without any increase in sample size (so n remains 100), can you satisfy this requirement? If so, how? i.Explanation / Answer
(c)
Interpretation Of Confidence Interval :
The true proportion of the misfiled invoices lie within similarly constructed 90% confidence intervals 90% of the time / With 90% confidence we can say that the true proportion of the misfiled invoices lie within the above confidence limits.
(d)
The probability that the true mean proportion of the misfiled invoices lie within the confidence reported above is 0.90
(e)
As this is a 90% confidence interval, 90% of the of firms have proportions of misfiled invoices within that confidence interval.
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