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Please submit your Excel file and highlight your answers in color. Brief Case Has Gold Lost...

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Statistics

Please submit your Excel file and highlight your answers incolor. Brief Case Has Gold Lost its Luster? In 2011, when theGallup organization polled investors, 34% rated gold the bestlong-term investment. However, in April of 2013 Gallup surveyed arandom sample of U.S. adults. Respondents were asked to select thebest long-term investment from a list of possibilities. Only 241 ofthe 1005 respondents chose gold as the best long-terminvestment.

A. With 95% confidence, compute the margin of error of thesample proportion.

B. Compute and describe a 95% confidence interval in the contextof the case.

C. Do you think opinions about the value of gold as a long-terminvestment have really changed from the old 34% favorable rate, ordo you think this is a sample variability? Explain your answerusing the calculated statistics.

D. Suppose the Gallup organization wants to offer a newinvestment option and wants to estimate, to within 5%, theproportion of customers who are likely to make this new investmentwith 95% confidence. How large a sample do they need?

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