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(See Solution) It has been estimated that 17.0% of mutual fund shareholders are retired persons. Assuming the population proportion to be π = 0.17 and that a

Question: It has been estimated that 17.0% of mutual fund shareholders are retired persons. Assuming the population proportion to be π = 0.17 and that a simple random sample of 400 shareholders has been selected:

  1. What is the expected value of p = the proportion of those in the sample who are retired?
  2. What is the standard error of the sampling distribution of the proportion, p ?
  3. What is the probability that at least 20% of those in the sample will be retired?
  4. What is the probability that between 15% and 25% of those in the sample will be retired?

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