In 2018, RAND Corporation researchers found that 71% of all individuals ages 66 to 69 are adequately prepared financially for retirement. Many financial planners have expressed concern that a smaller percentage of those in this age group who did not complete high school are adequately prepared financially for retirement.
a. Develop appropriate hypotheses such that rejection of H0 will support the conclusion that the proportion of those who are adequately prepared financially for retirement is smaller for people in the 66–69 age group who did not complete high school than it is for the population of the 66–69 age group.
b. In a random sample of 300 people from the 66–69 age group who did not complete high school, 165 were not prepared financially for retirement. What is the p-value for your hypothesis test?
c. At a = .01, what is your conclusion?