Question: An article (P. Kitchen, Retirement Plan: To Keep Working, Newsday, September 24, 2003) discussed the retirement plans of Americans ages 50 to 70 who were employed full time or part time. Twenty-nine percent of the respondents said that they did not intend to work for pay at all. If you select a random sample of 400 Americans ages 50 to 70 employed full time or part time,
a. what is the probability that the sample has between 25% and 30% who do not intend to work for pay at all?
b. If a current sample of 400 Americans ages 50 to 70 employed full time or part time has 35% who do not intend to work for pay at all, what can you infer about the population estimate of 29%? Explain.
c. If a current sample of 100 Americans ages 50 to 70 employed full time or part time has 35% who do not intend to work for pay at all, what can you infer about the population estimate of 29%? Explain.
d. Explain the difference in the results in (b) and (c).