A well-known brokerage firm executive claimed that 70% of investors are currently confident of meeting their investment goals. An XYZ Investor Optimism Survey, conducted over a two week period, found that in a sample of 400 people, 63% of them said they are confident of meeting their goals. Test the claim that the proportion of people who are confident is smaller than 70% at the 0.05 significance level.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.