The CEO of a large company claims that 85% of customers are repeat customers. They define a repeat customer as someone who makes more than one purchase per month. A random sample of 200 customers shows that 162 are repeat customers. Do these data provide convincing evidence at the 5% significance level that less than 85% of customers of this company are repeat customers?

If needed, use the z-table to answer the question.

What is the value of the test statistic? (Round to 2 decimal places.)


What is the P-value of the test? (Enter 4 decimal places.)