Bob looks in the classified ads for rents on one-bedroom and two-bedroom apartments. He writes down the figures for 10 apartments of each type. He then summarizes the two distributions as follows:
One bedroom: X-bar=531 and s=82.8
Two bedroom: X-bar=609 and s=89.3
Perform a hypothesis test that the average rent for a two-bedroom apartment is greater than for a one-bedroom apartment. Use alpha=0.10. State your null and alternative hypotheses, calculate the test statistic, find the p-value and state your conclusion.