1. A survey was conducted to determine the percentage of people over the age of 55 who plan to remain in their current home when they retire. In the random sample of 500 adults, 350 of them revealed that they planned to remain in their current home. Does it appear that less than 75% of people over the age of 55 plan to remain in their current home when they retire? Use a 0.05 significance level.
2. (a)State the hypotheses.
3. (b)Find the test statistic.
4. (c)What is the p-value?
5. (d)State your decision.
6. (e)State your conclusion in context of this problem.