A simple random sample is collected to understand the Australians' opinion on shared bikes. 68 responses are "yes" to the question "would you like to use a share bike at a small cost (10 cents per km)?" and the remaining 28 answers are "no". A venture capital (VC) understands that investing in the shared bike project would be profitable if and only if the population proportion of the "yes" answer to the survey question is higher than 0.7.

Use the information provided from the previous question to apply a statistical test to investigate if the VC should invest in the shared bike project at 5% significance level.

Specifically, you must

(a) define any new notation, (b) briefly justify your testing procedure, (c) state the hypotheses, (d) calculate the test statistic and show your calculation steps, (e) use the critical value approach, (f) make decision for the test and briefly explain.