Probability and Statistics for EngineeringHomework "!Spring 2011(due Tuesday, April )#'Many U.S. citizens get a tax refund in the spring. Out of this population, the proportion who put their:refunds into savings has, for many years, been %. An economist wonders if this proportion has#%changed.The economist obtains a random sample of U.S. citizens who got a tax refund this year, and8 œ &!!finds that of them put their refunds into savings."%!Following the steps below, perform a two-tailedhypothesis test. Use .!œÞ!'(1) Set up the appropriate null and alternative hypotheses.(2) Find the point estimate .^:(3) Find the -value for the test. Be sure to show the set-up (exactly what probability you areTfinding), at least one intermediate step, and a final numerical answer.(4) What should the economist conclude about the proportion this year who put their refunds intosavings as compared to the proportion in the past?
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