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A survey in a large department store reveals that out of a random sample of 300 employees approached, 162 were in favor of the compulsory retirement age being lowered to 55 years of age.
(a) Construct a 98% confidence interval for the proportion of all employees who are in favor of the earlier compulsory retirement.
(b) Test the hypothesis that the proportion of all employees in the department store who are in favor of lowering the retirement age is greater than 0.5 using the critical value approach and a 0.05 level of significance.
(c) Test the hypothesis that the proportion of all employees in the department store who are in favor of lowering the retirement age is less than 0.6 using the p-value approach and a 0.025 level of significance
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