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A real estate investor is investigating whether the proportion of properties sold at auctions has declined from last year, when the proportion was 40%. Let p be the proportion of properties sold at auctions this year. Which of the following gives the correct hypothesis to test?
Select one:
a. H0: p< 0.4 H1: p = 0.4
b. H0: p< 0.4 H1: p ? 0.4
c. H0: p= 0.4 H1: p > 0.4
d. H0: p= 0.4 H1: p < 0.4
For the previous question, a sample of 400 property auctions found that 150 had sold. What is the value of the test statistic to test the hypotheses? Give your answer to 2 decimal places.
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