In 1991, the Consumer Bankruptcy Project conducted a study to determine the education levels of people who

Question:

In 1991, the Consumer Bankruptcy Project conducted a study to determine the education levels of people who declare bankruptcy. The percentages are shown in the following table. Also shown in the table is the observed frequency for these education levels from a random sample of individuals who filed for bankruptcy in 2014.

a. Using α = 0.05, perform a chisquare test to determine if the probability distribution for the education levels of individuals who filed for bankruptcy changed between 1991 and 2014.

b. Determine the p_value using Excel and interpret its meaning.

c. What conclusions can be drawn about the type of individual who filed for bankruptcy in 2014 vs. the type of individual who filed for bankruptcy in 1991?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...