Step 1 :Identify the null and alternative hypotheses for this test. The correct answer is: \n \[ \begin{array}{l} H_{0}: p=0.03 \ H_{1}: p \neq 0.03 \end{array} \]
Step 2 :Identify the test statistic for this hypothesis test. The test statistic for this hypothesis test is -2.34.
Step 3 :To calculate the P-value, we need to use the cumulative distribution function (CDF) of the normal distribution. The CDF gives us the probability that a random variable is less than or equal to a certain value. Since our test statistic is negative, we want to find the probability that a random variable from the standard normal distribution is less than or equal to -2.34. This will give us the P-value for our hypothesis test.
Step 4 :The P-value for this hypothesis test is 0.00964186994535833.
Step 5 :Final Answer: The null and alternative hypotheses for this test are: \n \[ \begin{array}{l} H_{0}: p=0.03 \ H_{1}: p \neq 0.03 \end{array} \] \n The test statistic for this hypothesis test is -2.34. \n The P-value for this hypothesis test is \(\boxed{0.010}\).