Question: A furniture store has a number of payment options available
A furniture store has a number of payment options available to customers. Some customers pay immediately. Others delay payment for six months, with no interest and no financing charges. Others delay payment for a year, but with interest and financing charges. In the past, 26% of customers paid immediately, 37% delayed payment for six months, and 37% delayed payment for a year. The store manager is wondering whether current customers have changed their payment selections from the past. The manager takes a random survey of 75 store customers, and asks them to indicate which payment plan they would prefer. Of the 75, 23 would pay immediately, 32 would delay payment for six months, and the rest would delay payment for a year. At the 5% significance level, is there evidence of a change in customers' preferences for the different payment plans?
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