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Ten years ago 53% of American families owned stocks or stock funds. Sample data collected by the Investment Company Institute indicate that the percentage is now 46% (The Wall Street Journal, October 5, 2012).
a. Develop appropriate hypotheses such that rejection of h0 will support the conclusion that a smaller proportion of American families own stocks or stock funds in 2012 than 10 years ago.
b. Assume the Investment Company Institute sampled 300 American families to estimate that the percent owning stocks
or stock funds was 46% in 2012. What is the p-value for your hypothesis test?
c. At α = .01, what is your conclusion?
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