Calculate a 95% confidence interval for the proportion of seniors who expect IRAs to be their primary source of income in retirement.

MainStay Investments is one of the investment vehicles used by New York Life Investment Management (NYLIM). The respondents to a survey conducted by NYLIM and who are aged between 26 and 82 indicated that 66% of seniors, 61 % of baby boomers, and 58% of Generation X expect Individual Retirement Accounts (IRAs) to be their primary source of income in retirement. The margin of error was given as ±5 percentage points. a. Calculate a 95% confidence interval for the proportion of seniors who expect IRAs to be their primary source of income in retirement. b. Although the sample size for the entire survey was listed, the sample size for each of the three generations was not given. Assuming the confidence level was 95%, determine the sample size for each of the three generations.


 

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