Statistics: Informed Decisions Using Data (4th Edition)

Published by Pearson
ISBN 10: 0321757270
ISBN 13: 978-0-32175-727-2

Chapter 1 - Section 1.1 - Assess Your Understanding - Applying the Concepts: 52e

Answer

It is 95% certain that between 23% to 31% of all employees in the United States participate in automatic payroll deduction for a 401(k) plan to save for retirement.

Work Step by Step

The descriptive statistics says: "27% of the 1172 employees surveyed ..." But, this is the percentage of the sample (1172 employees) that is participating in an employer's retirement plan described in the problem text (lines 4 and 5). For the population there is a margin of error of 4%: 27% - 4% = 23% 27% + 4% = 31%
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