You may need to use the appropriate technology to answer this question.

Suppose ten years ago 54% of American families owned stocks or stock funds. Suppose sample data collected by the Investment Company Institute indicate that the percentage is now 47%.

(a)

Develop appropriate hypotheses such that rejection of H₀ will support the conclusion that a smaller proportion of American families own stocks or stock funds this year than 10 years ago. (Enter != for as needed.)

H₀:

H_a:

(b)

Assume that the Investment Company Institute sampled 310 American families to estimate that the percent owning stocks or stock funds is 47% this year.

What is the test statistic for your hypothesis test? (Round your answer to two decimal places.)

What is the p-value for your hypothesis test? (Round your answer to four decimal places.)

p-value =

(c)

At = 0.01, what is your conclusion?

We fail to reject H₀. We cannot conclude that a smaller proportion of American families own stocks or stock funds this year than they did 10 years ago.We fail to reject H₀. We can conclude that a smaller proportion of American families own stocks or stock funds this year than they did 10 years ago. We reject H₀. We cannot conclude that a smaller proportion of American families own stocks or stock funds this year than they did 10 years ago.We reject H₀. We can conclude that a smaller proportion of American families own stocks or stock funds this year than they did 10 years ago.