Small businesses (See Problem 9.63) are viewed by many as the backbone of the U.S. economy. Smallbusiness owners are often described as entrepreneurs, requiring a variety of skills in order to be successful. A 2016 survey of small-business owners found that 47% had a college degree beyond a bachelor’s degree. Suppose the Small Business Administration (SBA), which is a government agency that provides support to small businesses, would like to test the hypothesis that the percentage of small-business owners with more than a bachelor’s degree is different than 47%. The Excel file labeled SBA.xlsx shows the college degrees of a recent sample of 100 small-business owners. Using α = 0.05, answer the following:

a. Perform a hypothesis test to determine if the percentage of small-business owners with more than a bachelor’s degree is different than 47%. You can use the following Excel function to count the number of small-business owners with more than a bachelor’s degree in the data file: = COUNTIF(C2:C101, “Yes”)

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