Answered: Test the claim that the proportion of…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter13: Probability And Calculus

Section13.CR: Chapter 13 Review

Problem 8CR

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Question

A well-known brokerage firm executive claimed that 60% of investors are currently confident of meeting their investment goals. An XYZ Investor Optimism Survey, conducted over a two week period, found that in a sample of 300 people, 65% of them said they are confident of meeting their goals.

Test the claim that the proportion of people who are confident is larger than 60% at the 0.01 significance level.

The null and alternative hypothesis would be:

H0:μ≥0.6H0:μ≥0.6
H1:μ<0.6H1:μ<0.6

H0:μ=0.6H0:μ=0.6
H1:μ≠0.6H1:μ≠0.6

H0:p=0.6H0:p=0.6
H1:p≠0.6H1:p≠0.6

H0:p≥0.6H0:p≥0.6
H1:p<0.6H1:p<0.6

H0:μ≤0.6H0:μ≤0.6
H1:μ>0.6H1:μ>0.6

H0:p≤0.6H0:p≤0.6
H1:p>0.6H1:p>0.6

The test is:

left-tailed

two-tailed

right-tailed

The test statistic is: (to 3 decimals)

The p-value is: (to 4 decimals)

Based on this we: