Find the PValue Please explain how you got it in detail Im n

Find the P-Value. Please explain how you got it in detail, I\'m not sure how to do it myself.

Thank you.

Solution

Formulating the null and alternatuve hypotheses,          
          
Ho:   p   =   0.37
Ha:   p   =/=   0.37
As we see, the hypothesized po =   0.37      
Getting the point estimate of p, p^,          
          
p^ = x / n =    0.47      
          
Getting the standard error of p^, sp,          
          
sp = sqrt[po (1 - po)/n] =    0.03413942      
          
Getting the z statistic,          
          
z = (p^ - po)/sp =    2.929165168      
          
As this is a    2   tailed test, then, getting the p value,  
          
p =    0.003398738 = 0.003   [ANSWER]  

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You can use the NORMSDIST function in Microsoft Excel two get the P value here.

You can type

=2*NORMSDIST(-2.92916)

to get the two tailed P value. We multiply it by 2 because it is two tailed. The NORMSDIST function gives you the left tailed area for the given z score.