Define Single proportion testing, the p -value method

Presume a study is conducted to test the claim, at 0.01 significance level and that less than 75% of college students spend less than $250.00 per semester on textbooks. A survey of 650 students found that 73% spent less than $250.00 per semester on text. Test the claim utilizing the P-value method.

Determine the P-Value (Round to four decimal places as needed)

Select the correct conclusion

1) The study does provide adequate evidence to support the claim that less than 75% of college student spend less than $250 per semester on textbooks.

2) The study does not provide adequate evidence to support the claim that less than 75% of college students spend less than $250 per semester on textbooks