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Ten years ago 53% of American families owned stocks or stock funds. Sample data collected from 300 families by the Investment Company Institute indicate that

Ten years ago 53% of American families owned stocks or stock funds. Sample data collected from 300 families by the Investment Company Institute indicate that the percentage is now 46%. At a .01 significance level can we conclude the percentage of families who now own stock is less than 10 years ago? Show the six steps of hypothesis testing.

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