A recent survey found that 68.6% of the population own their homes. In a random sample of 150 heads of households, 92 responded that they owned their homes. At the α = 0.01 level of significance, does that suggest a difference from the national proportion?
Perform each of the following steps.
a. State the hypotheses and identify the claim.
b. Find the critical value(s).
c. Compute the test value.
d. Make the decision.
e. Summarize the results.
Use the traditional method of hypothesis testing unless otherwise specified.