Assignment:
It has been reported that the median price of a home purchased in Portland, Oregon, during 2001 was $172,300. For a random sample of homes purchased in a certain area of the city during that year, the prices were as listed below. Using the 0.025 level of significance, test whether the median purchase price of all homes sold in that area of the city during 2001 could have been less than $172,300. Using the appropriate statistical table, what is the most accurate statement that can be made about the p-value for the test?
|
$177.4
|
148.5
|
147.4
|
172.2
|
130.0
|
|
164.1
|
164.4
|
175.2
|
135.0
|
191.0 thousand
|
Provide complete and step by step solution for the question and show calculations and use formulas.