Problem: A rule of thumb is that for working individuals one-quarter of household income should be spent on housing. A financial advisor believes that the average proportion of income spent on housing is more than a quarter of their income. In a sample of 30 households the mean proportion of household income spent on housing was 0.285 with a standard deviation of 0.063. Perform the relevant test of hypotheses at the 1% level of significance to prove the beliefs of a financial advisor. Hypothesis Testing H.: P. $ 0.25 Step 1: H.: P. > 0.25 Step 2: z-test for the population proportion Level of Significance: a = 0.01 Type of Hypothesis Test: One-tailed Step 3: Critical Value: z = -2.326 Rejection Region: ( -=>