Determine and interpret the p value for the test

Reference no: EM131407198

According to the National Association of Home Builders, 62% of new single-family homes built during 1996 had a fireplace. Suppose a nationwide homebuilder has claimed that its homes are "a cross section of America," but a simple random sample of 600 of its single-family homes built during that year included only 57.5% that had a fireplace.

Using the 0.05 level of signifi- cance in a two-tail test, examine whether the percentage of sample homes having a fireplace could have differed from 62% simply by chance. Determine and interpret the p-value for the test.

Reference no: EM131407198

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