Use the course Excel spreadsheet to construct a 90% confidence interval for proportion research
Find the average price of homes in your state (cite your source).
Gather a Sample: Record the prices for 15 randomly selected homes in your state. (Check Zillow.com or Realtor.com).
Construct the confidence interval using Excel
Use your sample to construct a 90% Confidence Interval for the “Proportion of homes that have a price ABOVE the average price of the state.”
a). Verify that the sampling distribution of this proportion can be approximated by a normal distribution. If a normal distribution cannot be used, gather more data to satisfy the requirement.
b). Enter the Confidence Level (0.90), ‘n’ (Sample Size), and ‘x’ (Number of Successes) in the Week 6 Excel Spreadsheet.
c). From the Excel Spreadsheet: Identify the point estimate p’, the critical value Zc, the Margin of Error, and the Lower and Upper Limits of the Confidence Interval. (Round all values to 2 decimal places.)
d). Provide a screenshot of the Excel spreadsheet displaying steps b) and c).
e). Explain how the Point Estimate and the Margin of Error are used to find the Lower and Upper Limits.
Interpret the Confidence Interval (2–3 Sentences)
State your Confidence Interval and explain what it means. Explain as if you were talking to someone who has not taken statistics.
