The recent default rate on all student loans is 5.2 percent. In a recent random sample of 300 loans at private universities, there were 9 defaults.
(a) Does this sample show sufficient evidence that the private university loan default rate is below the rate for all universities, using a left-tailed test at α = .01?
(b) Calculate the p-value.
(c) Verify that the assumption of normality of the sample proportion p is justified.