An entrepreneur owns some land that he wishes to develop. He identifies two development options: build condominiums or build apartment buildings. Accordingly, he reviews public records and derives the following summary measures concerning annual profitability based on a random sample of 32 for each such local business venture. For the analysis, he uses a historical (population) standard deviation of $22,800 for condominiums and $19,800 for apartment buildings. Use Table 1.
Sample 1 represents condominiums and Sample 2 represents apartment buildings.
Condominiums = $243,500 n1 = 32
Apartment Buildings = $235,200 n2 = 32
(Round "test statistic" value to 2 decimal places and "p-value" to 3 decimal places.)
ANSWER Test statistic _______
ANSWER p-value __________