SOLUTION: Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is  = 0.55 and

Question 146112: Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is  = 0.55 and the alternate is  is not equal to 0.55. A random sample of 400 families who planned to buy a vacation residence revealed that 228 families want a condominium. What decision should be made regarding the null hypothesis?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium.
The null hypothesis is p = 0.55 and the alternate is p is not equal to 0.55. A random sample of 400 families who planned to buy a vacation residence revealed that 228 families want a condominium. What decision should be made regarding the null hypothesis?
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p-hat = 228/400 = 0.57
test statistic: z= 6.834...
p-value = 0.0000000829217...
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Since p-value is less than 5% reject Ho.
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Cheers,
Stan H.

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SOLUTION: Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is &#61552; = 0.55 and

SOLUTION: Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is  = 0.55 and