Test at the 0

question 195

Multiple Choice

Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is p = 0.55 and the alternate is p ≠ 0.55. A random sample of 400 families who planned to buy a vacation residence revealed that 228 families want a condominium. What decision should be made regarding the null hypothesis?

• A) Do not reject it
• B) Reject it
• C) Cannot accept nor reject it based on the information given
• D) None of these statements are true

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Definitions:

Monthly Sales

The total revenue generated from goods sold or services rendered by a company during a one-month period.

Security for a Loan

Collateral or assets pledged by a borrower to secure a loan, providing a lender assurance of repayment.

Blanket Liens

A security interest covering nearly all types of collateral owned by the debtor.

Compensating Balance

A minimum balance that must be maintained in a bank account, often required by banks in return for loans or as a condition for obtaining certain services.