A survey was undertaken by Bruskin/Goldring Research for Quicken to determine how people plan to meet their financial goals in the next year. Respondents were allowed to select more than one way to meet their goals. Thirty-one percent said that they were using a financial planner to help them meet their goals. Twenty-four percent were using family/friends to help them meet their financial goals, followed by broker/accountant (19%), computer software (17%), and books (14%). Suppose another researcher takes a similar survey of 750 people to test these results.
(Round the intermediate values to 3 decimal places. Round your answer to 2 decimal places.)
Required:
(a) If 225 people respond that they are going to use a financial planner to help them meet their goals, is this proportion enough evidence to reject the 31% figure generated in the Bruskin/Goldring survey using a = 0.10?
The value of the test statistic is and we . There enough evidence to declare that the proportion than 0.31.
(b) If 175 respond that they are going to use family/friends to help them meet their financial goals, is this result enough evidence to declare that the proportion is significantly higher than Bruskin/Goldring's figure of 0.24 if a = 0.05?
The value of the test statistic is and we . There enough evidence to declare that the proportion than 0.24.