Small businesses (See Problem 9.63) are viewed by many as the backbone of the U. S. economy. Small business owners are often described as entrepreneurs, requiring a variety of skills in order to be successful. A 2013 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 σ = 0.05, answer the following:

a. Perform a hypothesis test to determine 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(B2: B101, “ Yes”)

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

c. Verify your results using PHStat.