Question

A Realtor claims that no more than half of the homes he sells are sold for less than the asking price. When reviewing a random sample of 14 sales over the past year, he found that actually 10 were sold below the asking price.

(a) The assumption of normality is justified.

• Yes

• No

(b-1) Calculate a p-value for the observed sample outcome, using the normal distribution. (Round your z-value to 2 decimal places. Round your answer to 4 decimal places.)

What is the p-value?

(b-2) At the .05 level of significance in a right-tailed test, is the proportion of homes sold for less than the asking price greater than 50%?

• No

• Yes

(c) Use Excel to calculate the binomial probability P(X ≥ 10 | n = 14, ππ = .50) = 1 − P(X ≤ 9 | n = 14, ππ = .50). (Round your answer to 4 decimal places.)

What is the- P(X ≥ 10)?

Answer 1

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