Question: How do I figure t and the p-value using excel formulas? A real estate brokerage claims it can sell their listings in 30 days or
How do I figure t and the p-value using excel formulas?
| A real estate brokerage claims it can sell their listings in 30 days or less. Sam is preparing to sell and list his home but wants to test the brokerage's claim. He randomly samples 100 homes the brokerage recently sold and records the days on market. Using a 5 percent significance level, should Sam believe the brokerage claim and list his home with them? | ||||||||
| Required: | ||||||||
| H0: | 30 | |||||||
| Ha: | 30 | |||||||
| Using the data contained in tab "Days on Market", determine the following: | ||||||||
| Sample Mean | 27.3 | |||||||
| Sample Standard Deviation | 8.523882077 | |||||||
| Sample Size | 100 | |||||||
| t = | ||||||||
| p-value: | ||||||||
| Do you reject or not reject the null hypothesis at alpha = 0.05? | Reject | since p-value is | < | alpha. | ||||
| Therefore, the Real Estate Brokerage claim is | correct | . |
| Days on Market |
| 29 |
| 22 |
| 30 |
| 10 |
| 19 |
| 28 |
| 24 |
| 27 |
| 35 |
| 13 |
| 38 |
| 31 |
| 28 |
| 31 |
| 32 |
| 34 |
| 33 |
| 27 |
| 25 |
| 29 |
| 23 |
| 32 |
| 20 |
| 32 |
| 39 |
| 35 |
| 33 |
| 24 |
| 27 |
| 37 |
| 33 |
| 34 |
| 40 |
| 23 |
| 27 |
| 29 |
| 38 |
| 23 |
| 29 |
| 21 |
| 21 |
| 25 |
| 29 |
| 21 |
| 33 |
| 28 |
| 1 |
| 40 |
| 31 |
| 22 |
| 32 |
| 10 |
| 26 |
| 38 |
| 38 |
| 28 |
| 38 |
| 25 |
| 30 |
| 30 |
| 27 |
| 27 |
| 36 |
| 35 |
| 46 |
| 33 |
| 16 |
| 22 |
| 29 |
| 22 |
| 11 |
| 19 |
| 13 |
| 26 |
| 15 |
| 49 |
| 21 |
| 29 |
| 27 |
| 19 |
| 33 |
| 31 |
| 14 |
| 23 |
| 20 |
| 54 |
| 22 |
| 25 |
| 20 |
| 38 |
| 23 |
| 29 |
| 25 |
| 26 |
| 20 |
| 11 |
| 31 |
| 25 |
| 17 |
| 31 |
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