SOLUTION: Need help with p value, please explain how to, thank you! Recall that Benford's Law claims that numbers chosen from very large data files tend to have "1" as the first nonzero dig

Question 1077663: Need help with p value, please explain how to, thank you!
Recall that Benford's Law claims that numbers chosen from very large data files tend to have "1" as the first nonzero digit disproportionately often. In fact, research has shown that if you randomly draw a number from a very large data file, the probability of getting a number with "1" as the leading digit is about 0.301. Now suppose you are the auditor for a very large corporation. The revenue file contains millions of numbers in a large computer data bank. You draw a random sample of n = 229 numbers from this file and r = 86 have a first nonzero digit of 1. Let p represent the population proportion of all numbers in the computer file that have a leading digit of 1.
(i) Test the claim that p is more than 0.301. Use α = 0.10.
(a) What is the level of significance?

.10

Correct: Your answer is correct.

State the null and alternate hypotheses.
H0: p = 0.301; H1: p ≠ 0.301
H0: p > 0.301; H1: p = 0.301
H0: p = 0.301; H1: p > 0.301
H0: p = 0.301; H1: p < 0.301
Correct: Your answer is correct.
(b) What sampling distribution will you use?
The standard normal, since np > 5 and nq > 5.
The Student's t, since np > 5 and nq > 5.
The standard normal, since np < 5 and nq < 5.
The Student's t, since np < 5 and nq < 5.
Correct: Your answer is correct.
What is the value of the sample test statistic? (Round your answer to two decimal places.)

2.46

Correct: Your answer is correct.

(c) Find the P-value of the test statistic. (Round your answer to four decimal places.)

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
One looks at this as a z-value, and what is the probability z is this large or larger? From the table or calculator, it is 0.0069, and that is the p-value.
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