Discuss the below:
Q: Is there any difference between the proportion of Americans who wish they were rich and the proportion of Canadians who wish they were rich? A random sample of 1000 Americans showed that 550 wish they were rich, while a random sample of 500 Canadians showed that 225 wished they were rich.
a. Find a 97.5% confidence interval for the difference between the population proportions who wish they were rich.
Note: Express your answer to 4 decimal places of accuracy.
b. Test, at the 1% level of significance, whether the two population proportions are significantly different. Formulate and test the appropriate hypothesis. Use the critical value approach.