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According to the Employee Benefit Research Institute (www.ebri.org), 34% of workers between the ages of 35 and 44 owned a 401(k)-type retirement plan. Suppose a recent survey was conducted by the Atlanta Chamber of Commerce to determine the participation rate of 35- to 44-year-old working adults in the Atlanta metropolitan area in 401(k)-type retirement plans. The Atlanta survey randomly sampled 144 working adults in Atlanta between the ages of 35 and 44. The results of the survey can be found in the file Atlanta Retirement.
a. Use the information in the file Atlanta Retirement to compute a 95% confidence interval estimate for the true population proportion of working adults in Atlanta between the ages of 35 and 44 in 401(k)-type retirement plans.
b. Based on the confidence interval calculated in part a, can the Atlanta Chamber of Commerce advertise that a greater percentage of working adults in Atlanta between the ages of 35 and 44 have 401(k) plans than in the nation as a whole for the same age group? Support your answer with the confidence level you calculated above. |
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