A recent poll of 1500 new home buyers found that 60% hired a moving company to help them move to their new home.Find the margin of error for this poll if we want 95% confidence in our estimate of the percent of new home buyers who hired movers.

A) 2.08%
B) 4.96%
C) 2.48%
D) 5%
E) 2.5%

Question

April Sibert · Accepted Answer

Final Answer : C, Explanation :  To find the margin of error (E), we use the formula:E = z*sqrt(p*(1-p)/n)wherez = the z-score for 95% confidence level which is 1.96 (from the standard normal distribution table)p = the sample proportion = 0.6n = the sample size = 1500Substituting the values, we get:E = 1.96*sqrt(0.6*0.4/1500) = 0.0248 = 2.48%Therefore, the margin of error is 2.48%, which is closest to option C (2.48%).

A recent poll of 1500 new home buyers found that 60% hired a moving company to help them move to their new home.Find the margin of error for this poll if we want 95% confidence in our estimate of the percent of new home buyers who hired movers.

A) 2.08%
B) 4.96%
C) 2.48%
D) 5%
E) 2.5%

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A recent poll of 1500 new home buyers found that 60% hired a moving company to help them move to their new home.Find the margin of error for this poll if we want 95% confidence in our estimate of the percent of new home buyers who hired movers.A) 2.08%B) 4.96%C) 2.48%D) 5%E) 2.5%

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Learning Objectives

Learning Objectives

Related questions

A recent poll of 1500 new home buyers found that 60% hired a moving company to help them move to their new home.Find the margin of error for this poll if we want 95% confidence in our estimate of the percent of new home buyers who hired movers.

A) 2.08%
B) 4.96%
C) 2.48%
D) 5%
E) 2.5%