A check-cashing service found that approximately 5% of all checks submitted to the
Chapter 10, Problem 10.55(choose chapter or problem)
A check-cashing service found that approximately 5% of all checks submitted to the service were bad. After instituting a check-verification system to reduce its losses, the service found that only 45 checks were bad in a random sample of 1124 that were cashed. Does sufficient evidence exist to affirm that the check-verification system reduced the proportion of bad checks? What attained significance level is associated with the test? What would you conclude at the = .01 level?
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