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Z test for proportion

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A recent magazine article indicated that 47% of the general consumer population in the United States is loyal to the automobile manufacturer of their choice. Suppose Chevrolet did a study of a random sample of 1006 Chevrolet owners and found that 490 said that they would buy another Chevrolet. Does this indicate that the population proportion of consumers loyal to Chevrolet is more than 47%?? Use level of significance of 0.01.

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The solution provides step by step method for the calculation of Z test for proportion. Formula for the calculation and Interpretations of the results are also included.

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