Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. To test different advertising approaches, it uses different media to reach potential buyers. The mean annual family income for 15 people making inquiries at the first development is $150,000, with a standard deviation of $40,000. A corresponding sample of 25 people at the second development had a mean of $180,000, with a standard deviation of $30,000. Assume the population standard deviations are the same. At the .05 significance level, can Fairfield conclude that the population means are different?

a. What are the null and alternate hypotheses?

b. Compute the test statistic.

c. Compute the p-value.

d. What is your decision regarding the null hypothesis?

e. Interpret the result.