SOLUTION: A simple random sample is conducted of 1486 college students who are seeking bachelor's degrees, and it includes 802 who earned bachelor's degrees within five years. Use a 0.01 si

Question 687847: A simple random sample is conducted of 1486 college students who are seeking bachelor's degrees, and it includes 802 who earned bachelor's degrees within five years. Use a 0.01 significance level to test the claim that most college students earn bachelor's degree within five years.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
): A simple random sample is conducted of 1486 college students who are seeking bachelor's degrees, and it includes 802 who earned bachelor's degrees within five years. Use a 0.01 significance level to test the claim that most college students earn bachelor's degree within five years.
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p-hat = 602/1486 = 0.4051
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Ho: p >= 0.5 (claim)
Ha: p < 0.5
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Test statistic: z(0.4051) = (0.4051-0.5)/sqrt[0.4051*0.5949/1486] = -7.4520
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Critical Value for left-tail test where alpha = 1% is -2.3263..
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Conclusion: Since the test stat is in the reject interval, reject Ho.
Conclusion: The test results do not support the claim.
Cheers,
Stan H.
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