In 2011, when the gallup organization polled investors, 34% rated gold the best long-term investment. but in april of 2013 gallup surveyed a random sample of u. s. adults. respondents were asked to select the best long-term investment from a list of possibilities. only 241 of the 1005 respondents chose gold as the best long-term investment. by contrast, only 91 chose bonds.

a. compute the standard error for each sample proportion. compute and describe a 95% confidence interval in the context of the question.

b. do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorability rate, or do you think this is just sample variability? explain.

c. suppose we want to increase the margin of error to 3%, what is the necessary sample size?

d. based on the sample size obtained in part c, suppose 120 respondents chose gold as the best long-term investment. compute the standard error for choosing gold as the best long-term investment. compute and describe a 95% confidence interval in the context of the question.

e. based on the results of part d, do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorability rate, or do you think this is just sample variability? explain.