a2 Calculate the Test statistic Carry out all intermediate c

(a-2) Calculate the Test statistic. (Carry out all intermediate calculations to 2 decimal places. Round your answer to 4 decimal places.) Test statistic A sample of 115 mortgages approved during the current year showed that 46 were issued to a single-earner family or individual. The historical percentage is 38 percent.

Solution

phat=46/115=0.4

Z=(phat-p)/sqrt(p*(1-p)/n)

=(0.4-0.38)/sqrt(0.38*(1-0.38)/115)

=0.4419