Step 1: Understanding the Concept:
In hypothesis testing, the $p$-value represents the probability of obtaining test results at least as extreme as the observed results, assuming the null hypothesis ($H_0$) is true.
We compare the $p$-value to the significance level ($\alpha$) to make a decision.
Key Formula or Approach:
The decision rule for hypothesis testing is:
\[ \text{If } p\text{-value} \le \alpha \implies \text{Reject } H_0 \]
\[ \text{If } p\text{-value} > \alpha \implies \text{Do not reject } H_0 \]
Step 2: Detailed Explanation:
The given significance level is:
\[ \alpha = 5\% = 0.05 \]
Let us evaluate each $p$-value option against $\alpha = 0.05$:
- Option 1: $0.15 > 0.05 \implies$ Do not reject $H_0$.
- Option 2: $0.10 > 0.05 \implies$ Do not reject $H_0$.
- Option 3: $0.06 > 0.05 \implies$ Do not reject $H_0$.
- Option 4: $0.046 \le 0.05 \implies$ Reject $H_0$.
Therefore, only a $p$-value of 0.046 leads us to reject the null hypothesis.
Step 3: Final Answer:
The correct $p$-value is 0.046, corresponding to Option (D).