(Answered) A market research firm wishes to estimate the percentage of

Management Studies

A market research firm wishes to estimate the percentage of BMW owners who are between the ages of 28 and 35 years old.

(a) The firm wishes to estimate the proportion of BMW owners in this age range with 97% confidence. With no other information available, how many BMW owners must be sampled to achieve a margin of error no greater than 2%?

(b) In a random sample of 120 BMW owners, 36 fall in the specified age range. Compute and interpret a 97% confidence interval for the proportion of all BMW owners who are between the ages of 28 and 35 years old. Comment on the validity of the result.

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