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A real estate sales agency specializes in selling vacation property. Its records indicate that the mean...

A real estate sales agency specializes in selling vacation property. Its records indicate that the mean selling time of vacation property is 75 days. However, it believes that because of the recent hurricanes, the mean selling time is now greater than 75 days. A survey of 100 properties sold recently revealed that the mean selling time was 79 days, with a standard deviation of 19 days.

At the 0.10 significance level, has there been an increase in selling time?

a. What is the decision rule? (Round the final answer to 3 decimal places.)

Reject H0: μ ≤ 75 and accept H1: μ > 75 when the test statistic is  (Click to select)  greater than  less than  equal to     .

b. What is the value of the test statistic? (Round the final answer to 2 decimal places.)

Value of the test statistic =            

c. What is your decision regarding H0?

(Click to select)  Fail to reject Reject  H0 .

Math   Statistics-And-Probability   
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