Answered: claim that the proportion of people who…

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section: Chapter Questions

Problem 8CR

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Question 9

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 100 people, 61% 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 0.10 significance level.

The null and alternative hypothesis would be:

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: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

right-tailed

two-tailed

The test statistic is: (to 2 decimals)

The p-value is: (to 4 decimals)

Based on this we:

Fail to reject the null hypothesis
Reject the null hypothesis

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