A Local Newspaper Claims That $70 \%$ Of the Items Advertised in Its Classifieds Section Are Sold

question 99

Essay

A local newspaper claims that $70 \%$ of the items advertised in its classifieds section are sold within 1 week of the first appearance of the ad. To check the validity of the claim, the newspaper randomly selected $n = 25$ advertisements from last year's classifieds and contacted the people who placed the ads. They found that 14 of the 25 items sold within a week. Based on the newspaper's claim, is it likely to observe $x \leq 14$ who sold their item within a week? Use a binomial probability table.

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Definitions:

Document Of Title

A legal document indicating the ownership of goods and the right to possession of those goods.

Good Title

A legitimate ownership of property without any liens, disputes, or legal questions about the property's conveyance.

Voidable Title

A legal concept indicating that a title or ownership can be declared invalid or void by the holder due to specific defects or circumstances, often concerning fraud or misrepresentation.

Sale-On-Approval

A transaction in which goods are delivered to a buyer for examination with the understanding that the sale is final only if the goods are approved.