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Calculate the value of the test statistic

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Reference no: EM131152935

A housing loan corporation states that it sanctions 80% of all housing loans within 7 working days once the verification process is completed. A customer group believes that all housing loans applied to this corporation that are settled within 7 working days is less than 80% of all housing loans. In a sample of 120 housing loan applications, the group found that 92 were settled within 7 working days.

1. Calculate the value of the test statistic.

2. Compute the observed significance of the test.

Reference no: EM131152935

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