Brokers generally agree that bonds are a better investment during times of low interest rates than during times of high interest
rates. A survey of executives during a time of low interest rates showed that 57% of them had some retirement funds invested in bonds. Assume this percentage is constant for bond market investment by executives with retirement funds. Suppose interest rates have risen lately and the proportion of executives with retirement investment money in the bond market may have dropped. To test this idea, a researcher randomly samples 220 executives who have retirement funds. Of these, 93 now have retirement funds invested in bonds. For α = .10, does the test show enough evidence to declare that the proportion of executives with retirement fund investments in the bond market is significantly lower than .57?
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