Question

A human resources representative claims that the proportion of employees earning more than $50,000 is less than 40%. To test this claim, a random sample of 700 employees is taken and 305 employees are determined to earn more than $50,000.

The following is the setup for this hypothesis test:

{H0:p=0.40Ha:p<0.40

Find the test statistic for this hypothesis test for a proportion. Round your answer to 2 decimal places.

Provide your answer below:

$$Test_Statistic=