Only 26% of psychology majors are “satisfied” or “very satisfied” with their career paths as compared to 50% of accounting majors (The Wall Street Journal, October 11, 2010).

Suppose these results were obtained from a survey of 300 psychology majors and 350 accounting majors.

a. Develop the appropriate null and alternative hypotheses to test whether the proportion of accounting majors satisfied with their career paths differs from psychology majors by more than 20%.

b. Calculate the value of the test statistic and the p-value.

c. At the 5% significance level, what is the conclusion?