Continuing the previous problem, suppose now that State University administrators want to test the claim made by faculty that the proportion of students who graduate within 4 years at State University has fallen below the historical value of 60% this year. Use the given sample proportion to test this claim. Report a p-value and interpret it in the context of this statistical hypothesis test.

Data from in previous problem

In the past, 60% of all undergraduate students enrolled at State University earned their degrees within 4 years of matriculation. A random sample of 36 students from the class that matriculated in the fall of 1994 was recently selected to test whether there has been a change in the proportion of students who graduate within 4 years. Administrators found that 15 of these 36 students graduated in the spring of 1998 (i.e., 4 academic years after matriculation).