Students at the Akademia Podlaka conducted an experiment to determine whether the Belgiumminted Euro coin was equally likely to land heads up or tails up. Coins were spun on a smooth surface, and in 250 spins, 140 landed with the heads side up (New Scientist, January 4, 2002).
a. Should the students interpret this result as convincing evidence that the proportion of the time the coin would land heads up is not .5? Test the relevant hypotheses using = .01.
b. Would your conclusion be different if a significance level of .05 had been used? Explain.