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Answer: The probability of this ocurring by chance is less than 0.01.
The meaning of the significance level is that it tells that there is difference of 1% level when there is no actual difference.
Step-by-step explanation:
Since we have given that
Number of times a coin tossed = 500
Number of times head occurs = 416
So, our Z-score would be
So, At significance level of 0.01, p-value of Z-score is .202704.
and p-value < 0.01, i.e. 0.202704<0.832.
Hence, the probability of this ocurring by chance is less than 0.01.
The meaning of the significance level is that it tells that there is difference of 1% level when there is no actual difference.