Question
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According to the data that the real-estate investors collected,...
- According to the data that the real-estate investors collected, the mean individual apartment price within a 41-kilometer (about 25 miles) radius of the Central Business District of Melbourne is $453,993.94. You are going to use a hypothesis test to determine whether the true mean apartment price is higher than $453,993.94. Assume that apartment prices are normally distributed.
- The null and alternative hypotheses are as follows:
- H0: =$453,993.94
- HA: >$453,993.94
- Use your sample of n = 300 and your mean of $606,424.1667 to conduct a hypothesis test using a 5% level of significance to determine if the mean apartment price is more than $453,993.94.
Answer & Explanation
Solved by verified expertAnswered by ColonelAtomLion456 on coursehero.com
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