Your local newspaper contains a large number of advertisements for unfurnished one-bedroom apartments in a...
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Accounting
Your local newspaper contains a large number of advertisements for unfurnished one-bedroom apartments in a particular neighborhood. You choose 36 at random and calculate that their mean monthly rent is $530 with a standard deviation of $78. You want to find out if the sample data gives a good reason to believe that the average rent for all advertised one-bedroom apartments is less than $550 per month. Conduct the following hypothesis test at 0.01 level of significance.
Null hypothesis: The population mean rent of the apartments is at least $550 per month.
Alternative hypothesis: The population mean rent of the apartments is lower than $550 per month.
None of these
Do not reject the Null
Accept the Null
Reject the Null
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