At the end of year 1, the balance sheet for the Rich Food Restaurant showed cash at $20,000. At the end of Year 2, the balance s
1 answer:
You might be interested in
Answer:
P-value is greater than the significance level, we fail to reject null hypothesis.
Explanation:
Here,
Sample size = n = 120
Sample proportion = p = 0.6500
Population Proportion = = 0.5
Level of significance = α = 0.02
<u />
<u>Step 1: </u>
: p = 0.5
: p < 0.5 (Left tailed test)
<u></u>
<u>Step 2: </u>
The critical vale is = 2.0537
<u></u>
<u>Step 3: </u>
The test statistic is,
z =
<u>Step 5: </u>
Conclusion using critical value: Since the test statistic value is greater than the critical value, we fail to reject null hypothesis.
<u>Step 6: </u>
Conclusion using P-value: Since the P-value is greater than the significance level, we fail to reject the null hypothesis.