Speaking to a group of analysts in January 2006, a brokerage firm executive claimed that at least 70% of investors are currently confident of meeting their investment objectives. A UBS Investor Optimism Survey, conducted over the period January 2 to January 15, found that 67% of investors were confident of meeting their investment objectives (CNBC, January 20, 2006). Formulate the hypotheses that can be used to test the validity of the brokerage firm executive's claim.
H0: p
Ha: p
Assume the UBS Investor Optimism Survey collected information from 300 investors. What is the p-value for the hypothesis test (to 4 decimals)?
At = .05, should the executive's claim be rejected?