QNT 275T Wk 4 Discussion – Income and Insurance

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QNT 275T Wk 4 Discussion - Income and Insurance
QNT 275T Wk 4 Discussion – Income and Insurance
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QNT 275T Wk 4 Discussion – Income and Insurance

Discussion Topic

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

Respond to the following in a minimum of 175 words:

Suppose that we wish to assess whether more than 60 percent of all U.S. households in a particular income class bought life insurance last year. That is, we wish to assess whether p, the proportion of all U.S. households in the income class that bought life insurance last year, exceeds .60. Assume that an insurance survey is based on 1,000 randomly selected U.S. households in the income class and that 640 of these households bought life insurance last year.

  1. a)   Assuming that p equals .60 and the sample size is 1,000, what is the probability of observing a sample proportion that is at least .64?

  2. b)  Based on your answer in part a, do you think more than 60 percent of all U.S. households in the income class bought life insurance last year? Explain.

Due Monday

Reply to at least two of your classmates. Be constructive and professional in your responses.