It is believed that 5% of all people requesting travel brochures for transatlantic cruises actually take the cruise within 1 year of the request. An experienced travel agent believes this is wrong. Of 100 people requesting one of these brochures, only 3 have taken the cruise within 1 year. We want to test the travel agent’s theory with a hypothesis test.
Calculate the p-value for this test. Note: Round answers to 4 decimal places and include a leading zero, i.e., 0.5267.