The mean rent price for condo in Florida is $ 780. We want to know whether the m

Question

The mean rent price for condo in Florida is $ 780. We want to know whether the mean rent price in Orlando is the same as the rest of Florida. Null Hypothesis (Hypothesized Test Value): Populatioin mean-780 A random sample of 89 condos rented in Orlando was taken. The mean was S 800 and the standard deviation of the sample is $ 100. Answer the following question. EXHIBIT2 According to EXHIBIT 2 Hypothesis Test about a Population Mean: Sigma Unknown Case Sample Size Sample Mean 89 800 Standard Deviation Sample Hypothesized Test Value 100 780 Standard Error Test Statistic t Degrees of Freedom Alpha Critical Value (two tail) + or - 1.414 49 0.05 2.010 P-value (Lower Tail) P-value (Upper Tail) P-value (Two tail) 0.163622 According to EXHIBIT 2 Find the value for margin of error is Use two decimals in your answer ?

Explanation / Answer

as we know that margin of error =-/+ critical value *standard error

=-/ + critical value *std deviation/sqrt(n) =-/+ 2.010*100/sqrt(89)= -/+ 21.31

( please revert for any clarification required; also as p value is higher than 0.05 level we do not have evidence that mean is difference from 800)

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