Data Were Collected from the Sale of 25 Properties by a Local

question 74

Multiple Choice

Data were collected from the sale of 25 properties by a local real estate agent. The following printout concentrated on the land value variable from the sampled properties.
HYPOTHESIS: MEAN X $= x$

$\begin{array}{rl}\text {X}&=\text { land} -\text { value }\\ \\\text { SAMPLE MEAN OF X }&=50,740\\\text { SAMPLE VARIANCE OF X }&=273,643,254\\\text { SAMPLE SIZE OF X }&=25\\x&=46,297\\\\\text { MEANX- } \mathrm{x} & =4443 \\\mathrm{t} & =1.34293 \\\text { D.F. } & =24 \\\text { P-VALUE } & =0.1918585 \\\text {P -VALUE } / 2 & =0.0959288 \\\text { SD. ERROR } & =3308.43\end{array}$

Find the $p$ -value for testing whether the mean land value differs from $\$ 46,297$ .

• A) \(p = 0.1918585\)
• B) \(p = 0.808142\)
• C) \(p = 0.308142\)
• D) \(p = 0.0959288\)

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Definitions:

Direct Write-Off Method

An accounting method where uncollectible accounts receivable are directly written off against income at the time they are deemed non-recoverable.

Straight-Line Depreciation

A method of calculating depreciation by evenly spreading the cost of an asset over its useful life.

Depreciation

The systematic allocation of the depreciable amount of an asset over its useful life, reflecting wear and tear, obsolescence, or aging.

Inventory

The raw materials, work-in-progress products, and finished goods considered to be the portion of a business's assets that are ready or will be ready for sale.