The national student loan default rate has fluctuated over the past several years. Recently (October 2015) the

Question:

The national student loan default rate has fluctuated over the past several years. Recently (October 2015) the Department of Education reported the default rate (i.e., the proportion of college students who default on their loans) at .12. Set up the null and alternative hypotheses if you want to determine if the student loan default rate this year is less than .12.