A direct mail appeal for contributions from a university's alumni and supporters is considered to be too costly if less than 26% of the alumni and supporters provide monetary contributions. To determine if a direct mail appeal is cost effective, the fundraising director sends the direct mail brochures to a simple random sample of 310 people on the alumni and supporters mailing lists. They receive monetary contributions from 67 people. Does this evidence demonstrate that the direct mail campaign is not cost effective? Use a 0.02 level of significance

Step2of3:

Compute the value of the test statistic. Round your answer to two decimal places.