From a population of 5,000, you have selected a random sample of 75 to use a new product

Business Sep 10, 2020

From a population of 5,000, you have selected a random sample of 75 to use a new product. You received a 45% favorable response. You want a 95% confidence level. If you had used the entire 5,000, what would be your true percent of favorable response?

Expert Solution

If you assume 45% of the full 5000 as your favorable response, your equation looks like
.45 +- 1.96 sqrt(.45(1-.45)/5000) = .45 +- .011. So, we now have a range of .439 to .461 or between 43.9% and 46.1%.

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