1.Ten years ago, 53% of American families owned stocks or stock funds. A sample of 300 observations collected by the Investment Company Institute indicate that the percentage is now 46% (The Wall Street Journal, October 5, 2012).

Develop an appropriate hypothesis test such that rejection of will support the conclusion that a smaller proportion of American families own stocks or stock funds in 2012 than 10 years ago. (Answer, H₀: p 0.53)