16. Reis, Inc., a New York real estate research firm, tracks the cost of apartment rentals in the United States. In mid-2002, the nationwide mean apartment rental rate was $895 per month (The Wall Street Journal, July 8, 2002). Assume that, based on the historical quarterly surveys, a population standard deviation of σ  $225 is reasonable. In a current study of apartment rental rates, a sample of 180 apartments nationwide provided the apartment rental rates shown in the CD file named RentalRates. Do the sample data enable Reis to conclude that the population mean apartment rental rate now exceeds the level reported in 2002?

a. State the null and alternative hypotheses.

b. What is the p-value?

c. At α  .01, what is your conclusion?

d. What would you recommend Reis consider doing at this time?