Question: A study of the investment industry claims that 58 of
A study of the investment industry claims that 58% of all mutual funds outperformed the stock market as a whole last year. An analyst wants to test this claim and obtains a random sample of 250 mutual funds. The analyst finds that only 123 of the funds outperformed the market during the year. Determine the probability that another random sample would lead to a sample proportion as low as or lower than the one obtained by the analyst, assuming the proportion of all mutual funds that outperformed the market is indeed 0.58.
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