How to do this with excel functions. Question 3 (7 parts): 'Purchase intention' is an important metric for new products. When anew product is developed, a sample of potential buyers is shown a prototype or detaileddescription of the product and asked about their likelihood of buying it. While people mayoverestimate their likelihood of purchasing a new product, purchase intention has proven to bean effective predictor of new product success.With that in mind, a skin care products company provided a random sample of 500 potentialcustomers with a new formulation of moisturizing cream. After using the cream, participantswere interviewed and asked about their intention to purchase it. From the sample of 500, 269responded that they intend to purchase the new product.a. Compute the sample proportion, p, that intend to purchase the new product.b. If purchase intention over 50% is a predictor of success for the new product,develop the appropriate hypothesis test to determine whether the sample providesstrong evidence that the new product will be successful. Specifically, state the nullhypothesis, the alternative hypothesis, and compute the test statistic. Is this a one-tailed test to the left, a one-tailed test to the right, or a two-tailed test?c. What is the p-value for the test statistic computed in (b)? Write the Excelfunction you used to determine this p-value, including the inputs that youentered in the Excel function (do not give cell references; write in the actualnumbers).d. Based on the results from (c), what is your conclusion about the truepopulation purchase intention at a = .05.After formulating the new product, the skin care products company createdmaterials to support the product's launch (i.e., new packaging, marketingmaterials, and communications). A second sample of 300 potential customerswere provided with the new product, this time in its new packaging, and wereexposed to the new marketing materials and communications. From thissecond sample of 300, 177 said that they intend to purchase the new product.Now develop the appropriate hypothesis test to determine whether there isstrong evidence that purchase intention for the new product with materials tosupport the product launch (from the second sample), is greater than purchaseintention for the new product without these materials (from the first sample).Specifically, state the null hypothesis and the alternative hypothesis. Is this aone-tailed test to the left, a one-tailed test to the right, or a two-tailed test?Compute the pooled sample proportion p (which assumes that the nullhypothesis is true).f. Compute the test statistic and the p-value.g. Based on the results from (f), what is your conclusion about purchase intentionfor the new product, with and without supporting materials, at a = .05.e.

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