1. Peer Response #2:In your second response to a peer, using your peer's values, run another hypothesis test using assuming that we are now interested in knowing if the true population mean of car prices isDifferent thanthe 25th percentile of your peer's sample. Conduct another four-step hypothesis test with alpha = 0.05 (HINT: notice that this is a TWO SIDED test, and therefore we should use=T.DIST.2T to calculate the p-value).

Sample Mean: 36514

Standard Deviation: 18750.7148

Sample Size: 10

25th Percentile: 26142.50

Null and alternativehypotheses:

H0:= 26142.5

Ha: = 26142.5

T-Statistic:1.75; this can be found by (mean-25th percentile)/(SD/Sqrt(10)).

P-Value: 0.057106941; this was found by T.DIST.RT(1.75,9)

0.0571 > 0.05

I fail to reject the hypothesis because the p value is greater than my alpha value. There is not enough evidence to suggest that my population mean is greater than $26,142.50.