Let the null hypothesis be that the agent's claim is correct. Using a standard normal probability table we find:
The p-value 0.14 is much larger than alpha = 0.01, so we cannot reject the agent's claim.
To find the original price before the increase, divide the new price by 1 + the percent of increase.
198 / 1.20 = 165
The original price was $165
Answer:
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Step-by-step explanation:
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