SOLUTION: K & S Construction, located in Phoenix, Arizona, is working on its business plan for the upcoming year. They did a study to determine if they should focus on building condominiums

Question 459448: K & S Construction, located in Phoenix, Arizona, is working on its business plan for the upcoming year. They did a study to determine if they should focus on building condominiums or individual houses. A building study, which had been conducted by the state, indicated that 60 percent of those families looking to buy a home in Arizona desired to buy a condominium. K & S Construction wanted to know if this figure applied to Phoenix. They collected a sample of 500 individuals that had expressed plans to buy a new home. The z-distribution was selected for this proportion test. The null hypothesis is p = 0.60 and the alternate is p ≠ 0.60. The significant level selected was .05. From the sample of 500, it was determined that 290 wanted to buy a condominium. What decision should be made regarding the null hypothesis?
A. Fail to reject it
B. Reject it
C. The test level of .05 is not acceptable
D. Cannot accept nor reject it based on the information given

Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
D. We don't know the standard deviation.
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