Answer:
<h2>I need to sell the home for the price of $317,460.</h2>Step-by-step explanation:
I need to pay 5.5% of the total to the broker.
I also want to gain $300,000 as a profit. I need to sell the house in such a price, so that after giving the 5.5% to the broker, i also have $300,000.
I need to find the value of 100%, where (100 - 5.5) = 94.5% represents $300,000.
Hence, 100% = .
Answer:
We accept the null hypothesis and reject the alternate hypothesis. There is no evidence to conclude that the population mean is greater than 29. The population mean is less than or equal to 29.
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = 29
Sample mean, = 30
Sample size, n = 47
Alpha, α = 0.05
Population standard deviation, σ = 5
First, we design the null and the alternate hypothesis
a) This is a one-tailed test because the alternate hypothesis is in greater than direction.
We use One-tailed z test to perform this hypothesis.
b)
, we reject the null hypothesis and accept the alternate hypothesis and if
, we accept the null hypothesis and reject the alternate hypothesis.
c) Formula:
Putting all the values, we have
d) Now,
Since,
We accept the null hypothesis and reject the alternate hypothesis. There is no evidence to conclude that the population mean is greater than 29. The population mean is less than or equal to 29.
e) P-value is 0.0853
On the basis of p value we again accept the null hypothesis.