According to the National Association of Home Builders, 62% of new single-family homes built during 1996 had a fireplace. Suppose a nationwide homebuilder has claimed that its homes are 'a cross...

Extracted text: According to the National Association of Home Builders, 62% of new single-family homes built during 1996 had a fireplace. Suppose a nationwide homebuilder has claimed that its homes are 'a cross section of America', but a simple random sample of 600 of its single-family homes built during that year included only 57.5% that had a fireplace. Using the 0.05 level of significance, examine whether the percentage of sample homes having a fireplace could become lower than the national level. Determine and interpret the p-value for the test.