A news article claims that 64% of Americans own real estate. In a recent survey, 445 out of 720 randomly selected Americans said they currently own real estate. Use this data to test the claim that less than 64% of Americans own real estate at α = 0.05 significance level. Form null and alternative hypotheses for this test:Run the test to find the test statistic and p-value. Show work. Using the rejection region method, make a decision about the null hypothesis? Explain.Using the p-value method, make a decision about the null hypothesis? Explain.Write a conclusion for this test in context to the problem.

Answered: A news article claims that 64% of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A news article claims that 64% of Americans own real estate. In a recent survey, 445 out of 720 randomly selected Americans said they currently own real estate. Use this data to test the claim that less than 64% of Americans own real estate at α = 0.05 significance level.

Form null and alternative hypotheses for this test:
Run the test to find the test statistic and p-value. Show work.
Using the rejection region method, make a decision about the null hypothesis? Explain.
Using the p-value method, make a decision about the null hypothesis? Explain.
Write a conclusion for this test in context to the problem.

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