The answer is about <span>0.01123595505.</span>
Answer:
we will fail to reject the null hypothesis and conclude that the return rate is less than 20%.
Step-by-step explanation:
We are given;
Sample size;n = 6970
Success rate;X = 1334/6970 = 0.1914
Now, we want to test the claim that the return rate is less than p = 0.2, hence the null and alternative hypothesis are respectively;
H0: μ < 0.2
Ha: μ ≥ 0.2
The standard deviation formula is;
σ = √(x(1 - x)/n)
σ = √(0.1914(1 - 0.1914)/6970)
σ = 0.004712
Now for the test statistic, formula is;
z = (x - μ)/σ
z = (0.1914 - 0.2)/0.004712
z = -1.825
From the a-distribution table attached, we have a value of 0.03362.
This p-value gotten from the z-table is more than the significance value of 0.01. Thus, we will fail to reject the null hypothesis and conclude that the return rate is less than 20%.
