Solve the problem. Round the point estimate to the nearest thousandth.
22 randomly picked people were asked if they rented or owned their own home, 9 said they rented. Obtain a point estimate of the proportion of home owners.
A) 0.290
B) 0.591
C) 0.636
D) 0.409
(22-9)/22 = ?
B) 0.591
To obtain a point estimate of the proportion of homeowners, divide the number of homeowners by the total number of people surveyed.
Number of homeowners = Total number surveyed - Number of renters
Number of homeowners = 22 - 9
Number of homeowners = 13
Total number surveyed = 22
Proportion of homeowners = Number of homeowners / Total number surveyed
Proportion of homeowners = 13 / 22
Calculating this division, we get:
Proportion of homeowners ≈ 0.591 (rounded to the nearest thousandth)
Therefore, the correct answer is B) 0.591.
To obtain a point estimate of the proportion of home owners, we need to divide the number of home owners by the total number of people surveyed. In this case, we know that 22 people were surveyed and 9 said they rented. So, the number of home owners can be calculated by subtracting the number of renters from the total number of people surveyed:
Home owners = Total number of people surveyed - Number of renters
= 22 - 9
= 13
Now, to find the point estimate of the proportion of home owners, we divide the number of home owners by the total number of people surveyed:
Point estimate = Number of home owners / Total number of people surveyed
= 13 / 22
= 0.591
Rounding the point estimate to the nearest thousandth, we get:
0.591
Therefore, the answer is option B) 0.591.