Proportion of properties sold at auctions

Question

A real estate investor is investigating whether the proportion of properties sold at auctions has declined from last year, when the proportion was 40%. Let p be the proportion of properties sold at auctions this year. Which of the following gives the correct hypothesis to test?

Select one:

a. H0: p< 0.4 H₁: p = 0.4

b. H0: p< 0.4 H₁: p ? 0.4

c. H0: p= 0.4 H₁: p > 0.4

d. H0: p= 0.4 H₁: p < 0.4

For the previous question, a sample of 400 property auctions found that 150 had sold. What is the value of the test statistic to test the hypotheses? Give your answer to 2 decimal places.