Question

Home Towne Realty claims the average price of a house in the outskirts of Asheville, NC is $100,000. A random sample of 50 houses in the outskirts resulted in a mean price of $120,000. The standard deviation was $47,000. We want to determine if the Home Towne Realty claims are true. If the test statistic is t = 3.009, and we reject H₀ if either t < -2.01 or z > 2.01, which statement correctly interprets the decisions.

Group of answer choices

The sample data provides sufficient evidence at the level of significance of α=0.01 to overturn the null hypothesis. Therefore, at the level of significance, α=0.01, you can conclude that the average price of a house in the outskirts of Asheville, NC is not $100,000. The p-value is 0.0013.

The sample data fails to provide sufficient evidence at the level of significance of α=0.01 to overturn the null hypothesis that the average price of a house in the outskirts of Asheville, NC is $100,000. The p-value is 0.0026.

The sample data provides sufficient evidence at the level of significance of α=0.01 to overturn the null hypothesis. Therefore, at the level of significance, α=0.01, you can conclude that the average price of a house in the outskirts of Asheville, NC is not $100,000. The p-value is 0.00413

The sample data fails to provide sufficient evidence at the level of significance of α=0.01 to overturn the null hypothesis that the average price of a house in the outskirts of Asheville, NC is $100,000. The p-value is 0.0013.

Answer 1

The sample data provides sufficient evidence at the level of significance of α=0.01 to overturn the null hypothesis. Therefore, at the level of significance, α=0.01, you can conclude that the average price of a house in the outskirts of Asheville, NC is not $100,000. The p-value is 0.00413