A newspaper in a large midwestern city reported that the National Association of Realtors said that the mean home price last year was $116,800. The city housing department feels that this figure is too low. They randomly selected 56 home sales and the sample mean is $118,000 and the sample standard deviation is $3,700. Conduct hypothesis test using ?=.01.
Use traditional and p-value approach to hypothesis testing. Show all of the steps for each approach.