The Canadian Real Estate Association is interested in determining if the average commission payed to the…

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The Canadian Real Estate Association is interested in determining if the average commission payed to the…

The Canadian Real Estate Association is interested in determining if the average commission payed to the real estate agents has increased in the last ten years. Ten years ago, the average commission was 4%. A random sample of 25 commissions payed to real estate agents had an average of 4.75%. The population standard deviation is 1.36%. Does this indicate that the population average commission payed to real estate agents has increased? use a 5% level of significance. Assume x is normally distributed. i) State the null and alternate hypotheses: ii) Compute the value of the standardized test statistic. Standardized test statistic = = (Your answer must be accurate to 2 decimal places) iii) Find the P-value for the standardized test statistic. P-value- (Your answer must be accurate to 4 decimal places) iv) Find the critical value(s) v) Based on your answers above, what is your conclusion? Check
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