Question

A group of finance managers at a car dealership estimates thatt 23% of all cars purchased last year were leases.If a sample of 800 cars sold last year obtained, what is the that more than 208 cars are going to be leased? Draw and label the appropriate curve. Your work must include caculator commands

Answer 1

p = 0.52392

Explanation:

Here we have

p = 23% = 0.23

`\hat p` = 208/800 = 0.26

n = 800

q = 1-p = 0.77

α = 5% = 0.05

Here we have

Z test given by

`z=\frac{\hat{p}-p}{\sqrt{(pq)/(n)}}`

From which we have

From the Cpdf we have Probability = 0.0219, z = 2.016

Therefore from the z score = 0.0683, p = 0.52392 from z table.