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Suppose a hypothesis test is being conducted to see if the proportion of times people default on a loan is greater than 0.20. State the

  1. Suppose a hypothesis test is being conducted to see if the proportion of times people default on a loan is greater than 0.20.
    1. State the null and alternative hypothesis
    2. What would be a Type I error in context (talk about the loan defaults)?
    3. What would be a Type II error in context (talk about the loan defaults)?

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