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?

The P-value of this test is 0.0571. What conclusion should be made?

Because the P-value of 0.0571 < α = 0.05, we reject H0. We have convincing evidence that less than 85% of customers of this company are repeat customers.
Because the P-value of 0.0571 > α = 0.05, we fail to reject H0. We do not have convincing evidence that less than 85% of customers of this company are repeat customers.
Because the P-value of 0.0571 > α = 0.05, we fail to reject H0. We have convincing evidence that less than 85% of customers of this company are repeat customers.
Because the P-value of 0.0571 < α = 0.05, we reject H0. We do not have convincing evidence that less than 85% of customers of this company are repeat customers.