A plan for an executive traveler's club has been developed by an airline on the premise that at least 5% of its current customers would qualify for membership. A random sample of 500 customers yielded 40 who would qualify. Using this proportion data, test at alpha = .01 the null hypothesis that the company's premise is correct, against the alternative that it is higher than the premise. 1. What is the standard error for this hypothesis test?Use four decimal places in your answer and use the proper rules of rounding. 2. What is the critical value for this test?Use four decimal places in your answer and use the proper rules of rounding.
