Question
Need help solving, also understanding what calculator functions to use. I have a TI-84 plus, 4. About 35% of U.S. adults said they personally owned
Need help solving, also understanding what calculator functions to use. I have a TI-84 plus,
4. About 35% of U.S. adults said they personally owned stocks, bonds or mutual funds outside of retirement accounts in a Pew Research Center survey from September 2019. Suppose we randomly select 500 adults from the state of Michigan and we want to know if adults in Michigan are more likely to own stocks, bonds, or mutual funds outside of retirement accounts. To find out, we will run a hypothesis test at a significance level of = 0.05. Of the 500 people in the sample, 196 owned stocks, bonds, or mutual funds outside of retirement accounts.
A) State the null and alternative hypothesis.
B) Calculate the standard error.
C) Find the test-statistic and p-value.
D) What does the p-value mean in context? Answer in complete sentences.
E) State the test decision.
F) What is your conclusion in context?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started