Question: Step 4: Formulate the decision rule. The critical values for a two-tailed hypothesis test with = 0.01 are 2.575 and the rejection region is Z

Step 4: Formulate the decision rule. The critical values for a two-tailed hypothesis test with = 0.01 are 2.575 and the rejection region is Z < -2.575 and Z > 2.575. Reject the null hypothesis if the Z-statistic is in the critical region. Step 5: Make a decision and interpret the result. The Z-statistic is Since the test statistic ( 0.804) is not in the rejection region, we do not reject the null hypothesis. Therefore, we do not reject the statement that 55% of those families who plan to purchase a vacation residence want a condominium in Florida

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