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To Test the Hypothesis That 55% of Those Families Who

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To test the hypothesis that 55% of those families who plan to purchase a vacation residence in Florida want a condominium, the null hypothesis is π = 0.55 and the alternate is π ≠ .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 using the 0.01 level of significance?

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Definitions:

Developed

Pertains to a state of advancement or growth, often used in the context of societies, technologies, or economies which have reached a high level of sophistication.

Contract Law

The legal framework that oversees the creation, execution, and implementation of contracts among individuals or entities.

Remedy of Damages

Legal compensation sought or awarded in a lawsuit for loss or injury caused by another's wrongdoing.

Contract Law

The body of law that governs the formation, execution, and enforcement of agreements between parties.

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