00:01
So the claim here is that the mean property value is equal to 125 ,000 or less, so less than or equal to is our null hypothesis.
00:15
And our alternative then is that the mean value is greater than 125 ,000.
00:24
And we have a sample of size 32 with a sample mean equal to 130 ,000.
00:37
And a sample standard deviation equal to 12 ,500.
00:43
Now at alpha is 0 .05 is this claim that lots are valued at 125 ,000 or less true? well our test statistic is going to be a t equal to our x bar minus the null hypothesis mean over the standard deviation divided by the square root of our sample size.
01:06
So this is 130 ,000 minus 125 ,000 divided by 12 ,500 over the square root of 32.
01:20
So that gives me a value of, let's see here, 130 three zeros minus 125 with three zeros divide by in parentheses 12 ,500 divided by the square root of 32 close parentheses...