Discussion:
Q: The New York Times recently reported that 60% of college entrants into elite public and private colleges in the U.S. have parents that earn over $150,000/yr. In a sample of 1,000 new college freshmen you find that 57.75% of them have parents who earn over $150,000/yr. Conduct a hypothesis test to determine if the New York Times claim is true or not. Assume alpha = .02 and remember to clearly state the null and alternate hypothesis and your conclusion about the validity of the New York Times statement.