According to 2016 data from the U S Census Bureau, only 32 of Americans are saving for retirement in a 401(k) A random sample of 340 Americans was recently selected, and it was found that 119 of them made contributions to their 401(k) plans this year a Using 0 01, perform a hypothesis test to determine if the percentage of Americans who have made contributions to their 401(k) plan is more than 32 b Determine the p value for this test and interpret its meaning c How would the conclusions be affected if you chose to use 0 05 rather than 0 01

Question: According to 2016 data from the U.S. Census Bureau, only 32% of Americans are saving for retirement in a 401(k). A random sample of 340

According to 2016 data from the U.S. Census Bureau, only 32% of Americans are saving for retirement in a 401(k). A random sample of 340 Americans was recently selected, and it was found that 119 of them made contributions to their 401(k) plans this year.

a. Using α = 0.01, perform a hypothesis test to determine if the percentage of Americans who have made contributions to their 401(k) plan is more than 32%.

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

c. How would the conclusions be affected if you chose to use α = 0.05 rather than α = 0.01.

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