It has been reported that 40% of adult Americans have made at least one common stock purchase within the past year, 60% have not. You survey 1000 randomly selected adult Americans and find the 486 people in the sample have made at least one common stock purchase during the past year, while the remaining 514 have not. Conduct a proper hypothesis test to determine whether this sample result is enough to reject a null hypothesis that the reported percentages are correct. Use a significance level of .01.
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