Suppose that the Goodyear Tire Company has historically held 42% of the market for automobile tires in the United States.
Recent changes in company operations, especially its diversification to other areas of business, as well as changes in competing firms' operations, prompt the firm to test the validity of the assumption that it still controls 42% of the market.
A random sample of 550 automobiles on the road shows that 219 of them have Goodyear tires. Conduct the test at α = 0.01.