According to the National Association of Home Builders, 55% of new single-family homes built during 2005 had a fireplace. Suppose a nationwide homebuilder has claimed that its homes are “a cross section of America,” but a simple random sample of 600 of its single-family homes built during that year included only 50.0% that had a fireplace. Using the 0.05 level of significance in a two-tail test, examine whether the percentage of sample homes having a fireplace could have differed from 55% simply by chance. Determine and interpret the p-value for the test.
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