Test at the 0 $\neq$ 055 a Random Sample of 400 Families Who Planned to Those

question 47

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 $\neq$ 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

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Definitions:

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency in managing stock levels.

Days' Sales

A metric that estimates the average length of time it takes for a company to convert its accounts receivable into cash.

Annual Reports

Comprehensive reports on a company's activities throughout the preceding year, intended to give shareholders and other interested parties information about the company's performance and financial standing.

Perpetual Inventory System

A method of inventory management where adjustments to inventory accounts are made continuously as transactions occur.