Question

A company surveyed 407 of its employees about their retirement planning and found that 129 of them thought they were ready to retire. Find the standard error for the sample proportion of employees at the company who think they are ready to retire.

Answer 1

0.0023

Explanation:

Sample size = Employees surveyed by the company = 407

EMployees who found number of them they were ready to retire = 129

Sample proportion p =
`(129)/(407)`

=0.3170

Standard error of sample proportion=
`\sqrt{(pq)/(n) } \\=\sqrt{(0.3170*0.6830)/(407) } \\=0.0023`