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Answer:
The decision rule is
Fail to reject the null hypothesis
The conclusion is
There is no sufficient evidence to show that the average room price is significantly different from $108.50
Step-by-step explanation:
From the question we are told that
The sample size is n = 64
The average price is
The population standard deviation is
The level of significance is
The population mean is
The null hypothesis is
The alternative hypothesis is
Generally the test statistics is mathematically represented as
=>
=>
From the z table the area under the normal curve to the left corresponding to 1.75 is
Generally p-value is mathematically represented as
=>
=>
From the values obtained we see that hence
The decision rule is
Fail to reject the null hypothesis
The conclusion is
There is no sufficient evidence to show that the average room price is significantly different from $108.50