A newspaper found the mean price for Redwood City homes is $927,200. With 18 homes sold in the past month, the mean for this sample was $998,361.11 and the sample standard deviation was $282,186.83. At the 0.05 significance level, test the claim that the homes are significantly greater than $927,200.
a) State the null and alternative hypotheses.
b) State the distribution that you will use.
c) Find the test statistic and use the appropriate variable.
d) Find the p-value.
e) Reject -or- Fail to Reject?
f) State your actual conclusions in words.
g) Construct a 90% confidence interval.