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Answer:
We need to conduct a hypothesis in order to test the claim that more than 20% of homes in a neighborhood have recently been sold through a short sale, at a foreclosure auction, or by the bank following an unsuccessful foreclosure auction, so then the correct system of hypothesis are:
Null hypothesis:
Alternative hypothesis:
Step-by-step explanation:
Data given and notation
n=60 represent the random sample taken
X=14 represent the neighborhood that have recently been sold through a short sale, at a foreclosure auction, or by the bank following an unsuccessful foreclosure auction
estimated proportion of neighborhood that have recently been sold through a short sale, at a foreclosure auction, or by the bank following an unsuccessful foreclosure auction
is the value that we want to test
represent the significance level
z would represent the statistic (variable of interest)
represent the p value (variable of interest)
Concepts and formulas to use
We need to conduct a hypothesis in order to test the claim that more than 20% of homes in a neighborhood have recently been sold through a short sale, at a foreclosure auction, or by the bank following an unsuccessful foreclosure auction, so then the correct system of hypothesis are:
Null hypothesis:
Alternative hypothesis:
When we conduct a proportion test we need to use the z statistic, and the is given by:
(1)
The One-Sample Proportion Test is used to assess whether a population proportion is significantly different from a hypothesized value
.