Question: A national real estate magazine advertised that 15 of first time
A national real estate magazine advertised that 15% of first-time home buyers had a family income below $40,000. A national real estate firm believes this percentage is too low and samples 100 of its records. The firm finds that 25 of its first-time home buyers did have a family income below $40,000. Does the sample suggest that the proportion of first-time home buyers with an income less than $40,000 is more than 15%? Comment and write up your own conclusions based on an appropriate hypothesis test. Include any assumptions you made about the data.
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