Brayden tosses a coin 500 times. Of those 500 times, he observes heads a total of 416 times. Calculations show that the probability of this occurring by chance is less than 0.01, assuming the coin is fair. Determine the meaning of the significance level. a. We expect that 416 of every 500 coin tosses will result in heads.
b. At the 0.01 level of significance, the coin is likely not a fair coin.
c. There is certainty that the coin is not a fair coin.
d. The results are not statistically significant at the 0.05 level of significance.