Business Monthly reports that currently 20% of all American small businesses are “highly profitable,” 40% are “marginally profitable,” 35% are “struggling,” and the remaining 5% are “insolvent.” In a random sample of 500 small businesses, and using Business Monthly’s criteria, you find that 82 businesses in the sample are “highly profitable,” 176 are “marginally profitable,” 198 are “struggling,” and the rest are “insolvent.” Is this sufficient sample evidence to challenge Business Monthly’s figures? Use a significance level of .05 and show the appropriate hypothesis test.
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