T test for mean of residential property cost

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Reference no: EM13107246

The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $125,000 or less per lot. Suppose a sample of 32 properties provided a sample mean of $130,000 per lot and a sample standard deviation of $12,500. Using a .05 level of significance, test the validity of the advertising claim.

Reference no: EM13107246

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