In a recent poll of 760 homeowners in the United States, one in five homeowners reports having a home equity loan that or she is currently paying off. Using a confidence coefficient of 0.9, derive the interval estimate for the proportion of all homeowners in the United States that hold a home equity loan. (Keep three decimal places)

The 90% confidence interval for the proportion of all homeowners in the United States that hold a home equity loan is (0.176, 0.224)

Step-by-step explanation:

In a sample with a number n of people surveyed with a probability of a success of , and a confidence level of , we have the following confidence interval of proportions.

In which

z is the zscore that has a pvalue of .

For this problem, we have that:

90% confidence level

So , z is the value of Z that has a pvalue of , so .

The lower limit of this interval is:

The upper limit of this interval is:

The 90% confidence interval for the proportion of all homeowners in the United States that hold a home equity loan is (0.176, 0.224)

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step-by-step explanation:

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