Question
Administrators at the stock exchange claim that only 8% of all companies report incorrect higher profits,...
- Administrators at the stock exchange claim that only 8% of all companies report incorrect higher profits, but you suspect that the proportion is much higher. Use the results of the audit of 200 companies with results that 30 reported incorrect higher profits to answer the following.
- State the null and alternative hypotheses.
- Check to be sure that we are allowed to use Normal calculations.
- Complete the Test on Statkey. Report the test statistic value and the p-value.
- State your conclusion regarding the results of your hypothesis test in context of the problem.
- How many companies should have been audited at 95% confidence level in order for the margin of error to be 3%? Use p=0.08 in your formula. Show all work. Round appropriately
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