Please calculate the test statistic (t) and the p value for this problem.

The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 49 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8058 with a standard deviation of $918. In 2011, the average home in this region of the country lost $7699 in value. Was the community studied by the realtors unusual? Use a t-test to decide if the average loss observed was significantly different from the regional average with 0.05 as the P-value cutoff level. State the hypotheses. (The mean home value lost in the community is denoted by p.) O A. Ho: p