Hermis Challenge! Using the Z-score for Normal Distribution and the concept of Continuous Probability, find the probability based on the following Mini-Case Study: Suppose that we wish to assess...

Hermis Challenge!

Using the Z-score for Normal Distribution and the concept of Continuous Probability, find the probability based on the following Mini-Case Study:

Suppose that we wish to assess whether more than 60 percent of all U.S. households in a particular income class bought life insurance last year. That is, we wish to assess whether p, the proportion of all U.S. households in the income class that bought life insurance last year, exceeds
.60. Assume that an insurance survey is based on
1,000
randomly selected U.S. households in the income class and that
640 (64%)
of these households bought life insurance last year.

Assuming that p equals .60 and the sample size is 1,000, what is

the probability

of observing a sample proportion that is

At Least

.64 (64%)? In other words, what is the probability of finding

At Least

(more than) 64% of the Households with a Life Insurance Policy Purchase in the past year?