1. The CEO of a large electric utility claims that at least 80% of his 1,000,000 customers are very satisfied with the service they receive. To test this claim, the local newspaper surveyed 100 customers, using simple random sampling. Among the sampled customers, 73% say they are very satisfied. Based on these findings, can we reject the CEO's hypothesis that 80% of the customers are very satisfied? Use a 0.05 level of significance.

A. State the hypotheses

B. State the name of the test and verify that the conditions are met.

C. Find the test statistic and p-value.

D. Make a decision

E. Interpret the results in context.