Question

A brokerage company is analyzing its retirement accounts for its clients nearing retirement. from recent survey data, the proportion of adults in the united states who say they are financially ready for retirement is 31%. for a random sample of size 85, what is standard deviation for the sampling distribution of the sample proportions, rounded to three decimal places?

Answer 1

The standard deviation for the sampling distribution of the sample proportions, rounded to three decimal places, is 0.050.

Standard Deviation = √(p * (1 - p) / n)

Plugging in the values, we have:

Standard Deviation =√(0.31 * (1 - 0.31) / 85)

Calculating this expression, we find:

Standard Deviation ≈ sqrt(0.2135 / 85)

≈ √(0.00251294)

≈ 0.050

Therefore, the standard deviation for the sampling distribution of the sample proportions, rounded to three decimal places, is approximately 0.050.