According to data only % of Americans are saving for retirement in a 401(k). A random sample of Americans was recently selected, and it was found that of them made contributions to their 401(k) plans this year. Using , complete parts a through c.

According to data only 31% of Americans are saving for retirement in a 401(k) A random sample of 340 Americans was recently selected, and it was found that 118 of them made contributions to their 401(k) plans this year. Using a 0.01, complete parts a through c a. Using a 0.01, perform a hypothesis test to determine if the percentage of Americans who have made contributions to their 401(k) plan is more than 31% Let p be the population proportion Determine the null hypothesis, Ho, and the alternative hypothesis, H Ho P H P (Type integers or decimals Do not round) b. Determine the p-value for this test and interpret its meaning Identify the critical valo HEL (Round to two decimal places as needed) Calculate the appropriate test statistic RES (Round to two decimal places as needed.) 8 Determine the p-value for this test and interpret its meaning p-value= (Round to three decimal places as needed) Interpret the meaning of the p-value Choose the correct answer below trad +8+1 According to data only 31% of Americans are saving for retirement in a 401(k) A random sample of 340 Americans was recently selected, and it was found that 118 of them made contributions to their 401(k) plans this year. Using a 0.01, complete parts a through c. Interpret the meaning of the p-value. Choose the correct answer below A. Reject H, There is enough evidence to conclude that the percentage of employees who have made contributions to their 401(k) plan is more than 31% B. Reject H, There is not enough evidence to conclude that the percentage of employees who have made contributions to their 401(k) plan is more than OC. Do not reject Ho. There is not enough evidence to conclude that the percentage of employees who have made contributions to their 401(k) plan is more than 31% OD. Do not reject Ho. There is enough evidence to conclude that the percentage of employees who have made contributions to their 401(k) plan is more than 31% c. How would the conclusions be affected if you chose to use a 0.05 rather than a 0012 Choose the correct answer below. EL A. Using a = 0.05 rather than a = 0.01 does change the conclusion in this case. Increasing the value of a increases the likelihood of rejecting the null hypothesis ES B. Using a = 0.05 rather than a = 0.01 does not change the conclusion in this case. But increasing the value of a decreases the likelihood of rejecting the null hypothesis OC. Using a = 0.05 rather than a = 0.01 does change the conclusion in this case. Increasing the value of a decreases the likelihood of rejecting the null hypothesis 10 D. Using a = 0.05 rather than a = 0.01 does not change the conclusion in this case. But increasing the value of a increases the likelihood of rejecting the null hypothesis