Please answer the following question using the P value approach. Please describe your answer in detail. The answer details are important to my understanding the P value concept.
The manager of the circulation department of a newspaper claimed that 75% of subscribers would renew their subscriptions. A sample of 100 subscribers showed 63 renewed their subscriptions. At the 1% level of significance, is there sufficient evidence to conclude that the manager is wrong? Use the p-value approach.
The solution provides step by step method for the calculation of test statistic for testing proportions . Formula for the calculation and Interpretations of the results are also included.