A report on consumer financial literacy summarized data from a representative sample of 2 001 adult Americans When asked if they

Question

A report on consumer financial literacy summarized data from a representative sample of 2 001 adult Americans When asked if they typically carry credit card debt from month to month 844 of these people responded yes a Use the given information to estimate the proportion of adult Americans who carry credit card debt from month to month Round your answer to three decimal places b Verify that the conditions needed in order for the margin of error formula to be appropriate are met The condition that the sample is a random sample from the population of interest or the sample is selected in a way that should result in a representative sample is met the sample size is large is met 0 c Calculate the margin of error Round your answer to three decimal places MY NOTES The condition that d Interpret the margin of error in the context of this problem It is unlikely that the estimated proportion of adult Americans who carry credit card debt from month to month differs from the true population proportion by less than the value calculated in part c It is likely that the estimated proportion of adult Americans who carry credit card debt from month to month differs from the true population proportion by the value calculated in part c It is impossible that the estimated proportion of adult Americans who carry credit card debt from month to month differs from the true population proportion by more than the value calculated in part c OIt is unlikely that the estimated proportion of adult Americans who carry credit card debt from month to month differs from the true population proportion by more than the value calculated in part c It is impossible that the estimated proportion of adult Americans who carry credit card debt from month to month differs from the true population proportion by less than the value calculated in part c

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