Marketing and Consumer Behavior
A recent study suggests that Canadians are getting richer but they are among the most indebted people in the world.57 The Bank of Canada suggests that no household should have debt in excess of 160% of annual disposable income. A random sample of 1500 households in Canada's wealthiest cities, Vancouver, Calgary, and Toronto, was obtained, and 235 were found to be too much in debt.
Is there any evidence to suggest that the true proportion of Canadian households that are too much in debt is greater than 14%? Use a = 0.05. Write a Solution Trail for this problem.