The recent default rate on all student loans is 6.8 percent. In a recent random sample of 293 loans at private universities, there were 11 defaults.
a) Calculate the z-score for the sample data using a left-tailed test at ? = .01? (Negative value should be indicated by a minus sign. Round your answer to 3 decimal places.)
b) Calculate the p-value. (Round your answer to 4 decimal places.)