1. The Eagle Ridge Contractors Association claims the average price of a home in their subdivision is $125,150 with a standard deviation of $7,350. A sample of 36 homes for sale in this subdivision had an average selling price of $123,550. The Eagle Ridge Home Owners Association is interested in knowing if the costs of homes for sale in this subdivision are actually lower than claimed?Compute the test value?
A researcher wishes to be 95% confident that her estimate of the true proportion of individuals who travel overseas is within 17/2 percentage of the true proportion. Find the sample necessary if in a prior study, a sample of 200 people showed that 40 travelled overseas last year.