Speaking to a group of analysts in January 2018, a brokerage firm executive claimed that at least 70% of investors are currently confident of meeting their investment objectives. A USB  investor Optimism Survey, conducted over the period January 2 to January 15 with a sample size of 40 found that 67% of investors were confident of meeting their investment objectives. Formulate the hypotheses that should be test the validity of the brokerage firm executive’s claim and test it at 5% level of significance.