Among all credit cards issued, the proportion of cards that result in default was 0.13 in 2010. A credit analyst with Visa believes this proportion is different today.
(a) Determine the null and alternative hypotheses, (b) Explain what it would mean to make a Type I error,
(c) Explain what it would mean to make a Type II error,
(d) State the conclusion that would be reached if the null hypothesis is not rejected, and
(e) State the conclusion that would be reached if the null hypothesis is rejected.