SOLUTION: A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of inv

Question 578567: A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of investors that own some real estate increased? Use alpha =.01
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of investors that own some real estate increased? Use alpha =.01
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Ho: p <= 0.45
Ha: p > 0.45 (claim)
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sample proportion = 118/250 = 0.4720
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p(0.4720) = (0.4720-0.45)/sqrt[0.45*0.55/250] = 0.6356
---
p-value = P(z > 0.6356) = normalcdf(0.6356,100) = 0.2625
----
Since the p-value is greater than 5%, fail to reject Ho.
The test results do not support the claim.
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Cheers,
Stan H.
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