Answer Happy

Suppose that the proportion of investors who are risk-averse (that is, try to avoid risk in their investment decisions) is though to be at least 0.7. A financial advisor believes that the proportion is actually less than 0.7. A survey of 36 investors found that 24 of them were risk-averse. Formulate a one-sample hypothesis test for a proportion to test this belief. Determine the null hypothesis, Ho, and the alternative hypothesis, H₁. Ho: π > 0.7 H₁: π 0.7 (Type integers or decimals. Do not round.) Compute the test statistic. -0.44 (Round to two decimal places as needed.) Find the p-value for the test. (Round to three decimal places as needed.)