5% is the same as .05, so in this case, the sales tax is added by .05. Subtract .05 from 24.45 to get the original price of the futon. You'll get $24.40
The value of the standardized test statistic for this significance test is 1.7265
Standardized test statistic
In statistics, the standardized test statistic means a way for you to compare your results to a “normal” population.
Given,
A city ordinance requires that more than 75% of its residents must agree to the construction of new public buildings (using tax dollars) before any such structures can be built. a proposal has been made to build a new recreational facility in the city, and sponsors of the proposal want to conduct a small survey to see if it would be approved if put to an official vote of all residents. a simple random sample of 150 residents revealed that 123 supported a change (and 27 did not).
Here we need to find the value of the standardized test statistic for this significance test.
While we looking into the given question we have identified the following values,
Random samples = 150
Supported values = 123
Not supported = 23
Aggreged percentage = 75%
So, the null and alternative hypotheses were as follows: H0: p = 0.75 and Ha: p ≠ 0.75.
Then the value of Standardized test statistic is calculated as,
=> (150 - 123) / (75 / √23)
=> 1.7265
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