Suppose in 2018, RAND Corporation researchers found that 77% 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-year-old. (Enter != for ≠ as needed.)

H₀:

H_a:

(b) In a random sample of 300 people from the 66–69 age group who did not complete high school, 171 were not prepared financially for retirement. What is the p-value for your hypothesis test?

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to four decimal places.)

p-value =

(c) At α = 0.01, what is your conclusion?

Reject H₀. We conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.

Do not reject H₀. We conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.

Do not reject H₀. We cannot conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.

Reject H₀. We cannot conclude that the percentage of 66- to 69-year-old individuals who are adequately prepared financially for retirement is smaller for those who did not complete high school.

Answer rating: 100% (QA)

a 3D 077 077 lefttailed n 300 x 171 pxn 171 300 057 standard error SE V077x 1 077 300 ... View the full answer