A telecommunications company provided its cable tv subscribers with free access to a new channel for a month. It then chose a sample of 700 viewers and asked them whether they would be willing to pay...

A telecommunications company provided its cable tv subscribers with free access to a new channel for a month. It then chose a sample of 700 viewers and asked them whether they would be willing to pay an extra $10 per month to continue access to the channel. Total of 33 replied that they would be willing to pay. The marketing director of the company claims that more than 5% of all its subscribers would be willing to pay. Can you conclude that the directors claim is true? Use 0.01 level of significance.