A study was conducted to determine if there is a difference between the investing preferences of mid-level managers working in the public and private sectors in New York City. A random sample of 320 public sector employees and 380 private sector employees was taken. The sampled participants were then asked about their retirement investment decisions and classified as being either “aggressive,” if they invested only in stocks or stock mutual funds, or “balanced,” if they invested in some combination of stocks, bonds, cash, and other. The following results were found: Agressive Balanced Public 164 156 Private 236 144
a. State the hypothesis of interest and conduct the appropriate hypothesis test to determine whether there is a relationship between employment sector and investing preference. Use a level of significance of 0.01.
b. State the conclusion of the test conducted in part a.
c. Calculate the p-value for the hypothesis test conducted in part a.