Again consider the stock market poll discussed in Exercise 7.47.
a. Suppose we wish to use the poll's results to justify the claim that fewer than 50 percent of American investors in 1992 found the stock market less attractive than in 1987. The poll actually found that 41 percent of the respondents said the stock market was less attractive than in 1987. If, for the sake of argument, we assume that p = .5, calculate the probability of observing a sample proportion of .41 or less. That is, calculate P( < .41).
b. Based on the probability you computed in part h, would you conclude that fewer than 50 percent of American investors in 1992 found the stock market to be less attractive than in 1987? Explain.