In order to make money on lones, financial institutions are paid back more than they loan. suppose borrow $350,000 to buy a hous
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Answer:
a) point estimate is 30%
b) null and alternative hypothesis would be
: p=27%
: p>27%
c) We reject the null hypothesis, percentage working people aged 65-69 had increased
Step-by-step explanation:
<em>a. </em>
Point estimate would be the proportion of the working people aged 65–69 to the sample size and equals ie 30%
<em>b.</em>
Let p be the proportion of people aged 65–69 who is working. OECD claims that percentage working had increased. Then null and alternative hypothesis would be
: p=27%
: p>27%
<em>c.</em>
z-score of the sample proportion assuming null hypothesis is:
where
- p(s) is the sample proportion of working people aged 65–69 (0.3)
- p is the proportion assumed under null hypothesis. (0.27)
- N is the sample size (600)
then z= = 1.655
Since one tailed p value of 1.655 = 0.048 < 0.05, sample proportion is significantly different than the proportion assumed in null hypothesis. Therefore we reject the null hypothesis.