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Chapter 5: Q5 (page 221)

In Exercises 1–5, assume that 74% of randomly selected adults have a credit card (based on results from an AARP Bulletin survey). Assume that a group of five adults is randomly selected.

If the group of five adults includes exactly 1 with a credit card, is that value

of 1 significantly low?

Short Answer

Expert verified

The result of 1 adult with a credit card is said to be a significantly low number.

Step by step solution

01

Given information

The number of randomly selected adults are n=5.

The probability of randomly selected adults who have a credit card is p=0.74.

02

Step 2: Check whether 1 is a significantly low number of adults with a credit card

Referring to exercise 3 of Section 5.

The mean number of adults in groups of five who have credit cards is μ= 3.7 adults.

The standard deviation for the number of adults in groups of five who have credit cards isσ=1 adult.

Significant low values are the values less than or equal to μ-2σ .

Using the rule of thumb, the calculations are computed as,

μ-2σ=3.7-2×1=1.7

Since 1 is less than 1.7, this implies that it is a significantly low number of adults with credit cards.

Therefore, by using the range rule of thumb, 1 is a significantly low number of adults with credit cards.

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