According to 2016 data from the U.S. Census Bureau, only 32% of Americans are saving for retirement in a 401(k). A random sample of 340 Americans was recently selected, and it was found that 119 of them made contributions to their 401(k) plans this year.

a. Using α = 0.01, perform a hypothesis test to determine if the percentage of Americans who have made contributions to their 401(k) plan is more than 32%.

b. Determine the p-value for this test and interpret its meaning.

c. How would the conclusions be affected if you chose to use α = 0.05 rather than α = 0.01.