Please help w/simple problem

#1
Using a 0.01 significance level, test the claim that fewer than 5% of all people experience It.
I am having trouble setting up to solve this .
 

JohnM

TS Contributor
#2
The null hypothesis would be- Ho: P = .05
The alternative hypothesis would be- Ha: P < .05

Then test to see if the sample percentage (p) is significantly less than .05, at the .01 significance level.