Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) provides a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.1. Formulate null and alternative hypotheses to test the analyst's claim. H0: pHa: p2. A sample of 50 stocks traded on the NYSE that day showed that 24 went up. What is your point estimate of the population proportion of stocks that went up (to 2 decimals)?3. Conduct your hypothesis test using = .01 as the level of significance. Calculate the value of the test statistic (to 2 decimals).What is the p-value (to 4 decimals)?Can you conclude that the proportion of stocks going up is not .30?