Answer:
Yes, the business journal is interpreting the probability correctly, because 3 out of 5 randomly selected Internet users that will use the mobile payment application, means that, 3/5, or 0.6 of probability. That is exactly the probability reported by the business journal.
Explanation:
Probability that Internet users in the United States will use a mobile payment app is 0.60.
The population proportion differs from the sample proportion based on the size of both. The population proportion given is 6%(0.6). Hence, in other for the sample proportion to make a similar assumption with the population proportion, then the sample size must be large enough. Hence, the business journals interpretation is wrong.
The business journal is trying to compare the inference made on the general population of the United States based on any randomly selected sample of 5, which is extremely small in other to conform with the population assumption.
Hence, a larger sample size is required in other to make such comparison.
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