A random sample of 150 mortgages in the state of Mississippi was randomly selected. From this sample, 17 were found to be delinquent on their current payment. The approximate standard error of the proportion for this sample is -------.
A)0.0406
B)0.0145
C)0.0567
D)0.0258

Question

Quizplus · Accepted Answer

The standard error of the proportion is calculated using the formula $\sqrt{\frac{p(1-p)}{n}}$, where $p$ is the sample proportion and $n$ is the sample size. Here, $p = \frac{17}{150}$ and $n = 150$. Plugging these values into the formula gives $\sqrt{\frac{(17/150)(1-17/150)}{150}}$, which approximates to 0.0258.

A Random Sample of 150 Mortgages in the State of Mississippi