Speaking to a group of analysts in January 2009 a brokerage firm executive claimed that only 25% of investors were currently confident of meeting their investment objectives. A UBS Investor Optimism Survey, conducted over the period January 2 to January 15, found that of 100 investors 34 were confident of meeting their investment objectives (CNBC, January 20, 2009). Does the sample support the claim of the executive? Conduct this 2-tailed test. = 0.01.

a) The hypotheses, using correct notation

b) Show the calculation of the test statistic.

c) Find (4 decimals) the p-value of the test. p = ________________

d) In a complete sentence referring to your answer for c), explain your conclusion about the issue in question.