SOLUTION: How do I solve this problem? In a certain upscale suburb of new york with a population of 80000, 15% people are assumed to be millionaires. in a randomly chosen sample of 7836

Question 886498: How do I solve this problem?

In a certain upscale suburb of new york with a population of 80000, 15% people are assumed to be millionaires. in a randomly chosen sample of 7836, 823 were found to be millionaires. is the claim that 15% people are millionaires true?

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
In a certain upscale suburb of new york with a population of 80000, 15% people are assumed to be millionaires. in a randomly chosen sample of 7836, 823 were found to be millionaires. is the claim that 15% people are millionaires true?
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Ho: p = 0.15 (claim)
Ha: p # 0.15
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sample proportion = p-hat = 823/7836 = 0.105
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z(0.105) = (0.105-0.15)/sqrt[0.15*0.85/823] = -3.615
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p-value = 2*P(z < -3.615) = 0.0003
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Conclusion:: Since the p-value is less than 5%, reject Ho.
The test results do not support the claim.
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Cheers,
Stan H.
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