Problem:
Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is 0.55 and the alternate is 0.55. A random sample of 400 families who planned to buy a vacation residence revealed that 228 families want a condominium. What decision should be made regarding the null hypothesis?
- Do not reject it
- Reject it
- Cannot accept nor reject it based on the information given
- None of the above