A bank employs two appraisers. When approving borrowers for mortgages, it is imperative that the appraisers value the same types of properties consistently. To make sure that this is the case, the bank evaluates six properties that the appraisers had valued recently.

a. Specify the competing hypotheses that determine whether there is any difference between the values estimated by appraiser 1 and appraiser 2.
b. At the 5% significance level, find the critical value(s).
c. Assuming that the value difference is normally distributed, calculate the value of the test statistic.
d. Is there sufficient evidence to conclude that the appraisers are inconsistent in theirestimates?

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Value from Appraiser Appraiser 2 Value from Property $235,000 195,000 264,000 315,000 435,000 515,000 $239,000 190,000 271,000 310,000 437,000 525,000 4