Final answer:
The null hypothesis is H0: p = 0.20, and the alternative hypothesis is H1: p < 0.20. The goal of the test is to determine if the return rate is less than 20%. The P-value method is used, with the normal distribution as an approximation to the binomial distribution.
Step-by-step explanation:
The null hypothesis is H0: p = 0.20, and the alternative hypothesis is H1: p < 0.20. The goal of the test is to determine if the return rate is less than 20%. The P-value method is used, with the normal distribution as an approximation to the binomial distribution.
To calculate the test statistic, we first need to find the standard error of the proportion. The formula for the standard error is:
SE = √[(p(1-p))/n]
In this case, p is the assumed population proportion, which is 0.20, and n is the sample size, which is 1314. Plugging in the values, we get:
SE = √[(0.20(1-0.20))/1314] ≈ 0.011
Next, we calculate the Z-score using the formula:
Z = (x - μ)/SE
Where x is the sample proportion, μ is the assumed population proportion (0.20), and SE is the standard error. Plugging in the values, we get:
Z = (0.1314 - 0.20)/0.011 ≈ -6.27
The test statistic is z = -6.27 (rounded to two decimal places).