An insurance company states that 90% of its claims are settled within 30 days. A consumer group selected a random sample of 75 of the company’s claims to test this statement. If the consumer group found that 55 of the claims were settled within 30 days, does it have sufficient reason to support the contention that less than 90% of the claims are settled within 30 days? Use a = 0.05
a. Solve using the p-value approach.
b. Solve using the classical approach.