Question: The Mean/Average for this data set is 60% The data point of interest (X) is 64% (640 homes out of a sample of 1,000) -

  • The Mean/Average for this data set is 60%
  • The data point of interest (X) is 64% (640 homes out of a sample of 1,000) - We are interested in understanding if At Least 64% of the homes (out of 1,000) purchased a Life Insurance Policy in the last year
  • N = 1,000

  1. Find the Standard Standard deviation of the Proportion. This is our 1st step because it is not provided
  3. .6(1-.6)/1000" style="box-sizing: border-box; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); border: 0px; max-width: 100%; height: auto; display: inline; vertical-align: bottom; line-height: inherit; max-height: 31.25rem;"> = .0155
  4. The Standard Deviation of the Sample Population is .0155
  5. FInd the Z-score
  6. X = .64
  7. U = .60
  8. O = .0155
  9. .64 - .60/.0155 = Z
  10. Z = 2.58
  11. WHAT HAPPENS NEXT? HOW DO YOU FIND THE AREA OF THE CURVE AND THE PROBABILITY OF FINDING AT LEAST 64% OF THE HOMES WITH A PURCHASED LIFE INSURANCE POLICY IN THE LAST YEAR
  12. HINT - IT IS A VERY SMALL PROBABILITY

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