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A peony plant with red petals was crossed with another plant having streaky petals. A geneticist states that 80% of the offspring resulting from this cross will have red flowers. To test this claim, 120 seeds from this cross were collected and germinated and 84 plants had red petals. Calculate the test statistic and its observed significance level (p-value). Use the p-value to evaluate the statistical significance of the results at the 1% level.
p-value = ______________
Conclusion: ______________
Interpretation: __________________________________________
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