Question: In an attempt to determine whether a relationship exists between the price of a home and the number of days it takes to sell the

In an attempt to determine whether a relationship exists between the price of a home and the number of days it takes to sell the home, a real estate agent collected the following data from recent sales in his city.

Price (in $1,000s)..................... Days to Sell Home

265.........................................................136

225.........................................................125

160.........................................................120

325.........................................................140

430.........................................................145

515.........................................................121

180.........................................................122

423.........................................................145

a. Calculate and interpret the Spearman rank correlation coefficient rs .

b. Specify the competing hypotheses to determine whether the Spearman rank correlation coefficient differs from zero.

c. At the 5% significance level, specify the critical value and the decision rule.

d. Can you conclude that the price of a home and the number of days it takes to sell the home are correlated? Explain.

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