Many people have misconceptions about how profitable small, consistent investments can be. In a survey of 1010 randomly selected U.S. adults (Associated Press, October 29, 1999), only 374 responded that they thought that an investment of $25 per week over 40 years with a 7% annual return would result in a sum of over $100,000 (the correct amount is $286,640). Is there sufficient evidence to conclude that less than 40% of U.S. adults are aware that such an investment would result in a sum of over $100,000? Test the relevant hypotheses using = - .05.
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