A local real estate agent claims that the median selling price of homes in a major midwestern city is more than $200,000. Suppose a random sample of 100 homes sold in the last six months is taken and 53 sold for over $200,000. Using α = .01, test the real estate agent's claim. What do you conclude about the selling prices of the homes?
A) Reject the null hypothesis.
B) Do not reject the null hypothesis.

Question

Quizplus · Accepted Answer

The test failed to reject H₀ at α = .01, so we can't conclude that the median selling price is more than $200,000. Reject H₀ if z > 2.33 Z === .70

A Local Real Estate Agent Claims That the Median Selling