A financial company gives its banking customers a commission if they refer new people to open...
A financial company gives its banking customers a commission if they refer new people to open bank accounts. As a result, 55% of new customers at the bank came from referrals in 2014. Another bank had 23% referrals last year (out of a total of 55,000 new customers) and has increased the commission this year. It expects to achieve 30% referrals this year and picks a random selection of 300 new customers and finds that 26% of them came from referrals.
1) Can we claim that the proportion of referrals has increased from last year at the 1% significance level?
a) Let p be the proportion of customers that came from referrals. Determine the null and alternative hypotheses.
Ho: p __ 0.23
Ha: p __ 0.23
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1. = 2. >
3.4.
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b) The test statistic is z equals =
(Round to two decimal places as needed.)
c) The P-value is =
(Round to three decimal places as needed.)
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