The financial manager of a national warehouse chain has found from previous experience that 55% of clients pay by credit card, 30% pay on account, while the remainder pays using cash. He wishes to know if this is still the case. A random sample of 1000 sales receipts from the last month produced the following results:   Payment method     Credit card Account Cash Total Number of receipts 525 295 180 1000   Using a 5% significance level, test whether the payment method pattern has changed.

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A: Given that data  6.9, 6.9, 6.7, 7.8, 6.1, 7.2, 7, 7.5, 6.7, 6.6, 7.1, 7.9, 6.4, 7.3, 7, 7.3, 7.4,…

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A: ANSWER:-

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2-Proportion Test

In a 2-proportion test, two separate proportions are measured at the same time, and their similarity is evaluated. It is also known as a 2-proportion z-test, and a comparison of two different proportions is done in this method.