A bank wants to evaluate which credit card would be more attractive to its customers: One with a high interest rate for unpaid balances but no annual cost, or one with a low interest rate for unpaid balances but an annual cost of $40. For a random sample of 100 of its 52,000 customers, 40 say they prefer the one that has an annual cost. Software reports the following:

Explain how to interpret all results on the printout. What would you tell the company about what the majority of its customers prefer?

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Test of p= 0.50 vs p not = 0.50 X N Sample p 95.0% CI 40 100 0.40000 (0.304,0.496) 2.00 04550 Z-Value P-Value