Question: The number of older consumers in the United States is growing, and they are becoming an even bigger economic force. Many feel overwhelmed when confronted with the task of selecting investments, banking services, health care providers, or phone service providers. A telephone survey of 1,900 older consumers found that 27% said they didn t have enough time to be good money managers (Extracted from Seniors Confused by Financial Choices Study, msnbc.com, May 6, 2004).
a. Construct a 95% confidence interval for the population proportion of older consumers who don t think they have enough time to be good money managers.
b. Interpret the interval in (a).