A certain financial services company uses surveys of adults age 18 and older to determine if personal financial fitness is changing over time. A recent sample of 1,000 adults showed 410 indicating that their financial security was more than fair. Suppose that just a year before, a sample of 1,100 adults showed 385 indicating that their financial security was more than fair.
(a)
State the hypotheses that can be used to test for a significant difference between the population proportions for the two years. (Let p1 = population proportion most recently saying financial security more than fair and p2 = population proportion from the year before saying financial security more than fair. Enter != for ≠ as needed.)
H0:
P1−P2=0
Ha:
P1−P2=0
(b)
Conduct the hypothesis test and compute the p-value. At a 0.05 level of significance, what is your conclusion?
Find the value of the test statistic. (Use
p1 − p2.
Round your answer to two decimal places.)
Find the p-value. (Round your answer to four decimal places.)
p-value =