Answered: (b) In a random sample of 300 people…

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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Suppose in 2018, RAND Corporation researchers found that 77% of all individuals ages 66 to 69 are adequately prepared financially for retirement. Many financial planners have expressed concern that a smaller percentage of those in this age group who did not complete high school are adequately prepared financially for retirement.

(a)

Develop appropriate hypotheses such that rejection of

H₀

will support the conclusion that the proportion of those who are adequately prepared financially for retirement is smaller for people in the 66–69 age group who did not complete high school than it is for the population of the 66–69 year old. (Enter != for ≠ as needed.)

H₀:

H_a:

(b)

In a random sample of 300 people from the 66–69 age group who did not complete high school, 159 were not prepared financially for retirement. What is the p-value for your hypothesis test?

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to four decimal places.)

p-value =

(c)

? = 0.01,

what is your conclusion?

Do not reject H₀. We cannot conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.Reject H₀. We cannot conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school. Do not reject H₀. We conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.Reject H₀. We conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.

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