The recent default rate on all student loans is 6.2 percent. In
a recent random sample...
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Basic Math
The recent default rate on all student loans is 6.2 percent. Ina recent random sample of 314 loans at private universities, therewere 8 defaults.
Does this sample show sufficient evidence that the privateuniversity loan default rate is below the rate for alluniversities, using a left-tailed test at α = .010?
(a-1)
Choose the appropriate hypothesis.
a.
H0: ππ≥ .062; H1: ππ < .062. AcceptH0 if z < –2.326
b.
H0: ππ≥ .062; H1: ππ < .062. RejectH0 if z < –2.326
a
b
(a-2)
Calculate the z-score for the sample data using aleft-tailed test at α = .01. (Anegative value should be indicated by a minussign. Round your answer to 3 decimal places.)
 Â
  zcalc
 Â
(a-3)
Should the null hypothesis be rejected?
No
Yes
(b)
Calculate the p-value. (Round your answer to 4decimal places.)
