An entrepreneur owns some land that he wishes to develop. He identifies two development options: build condominiums or build apartment buildings. Accordingly, he reviews public records and derives the following summary measures concerning annual profitability based on a random sample of 34 for each such local business venture. For the analysis, he uses a historical (population) standard deviation of $22,600 for condominiums and $20,000 for apartment buildings.(You may find it useful to reference the appropriate table:ztableorttable)

Sample 1 represents condominiums and Sample 2 represents apartment buildings.

Condominiums	Apartment Buildings
x1x1= $248,100	x2x2= $236,300
n1= 34	n2= 34

a.Set up the hypotheses to test whether the mean profitability differs between condominiums and apartment buildings.

multiple choice 1

• H₀:₁₂= 0;H_A:₁₂ 0
• H₀:₁₂ 0;H_A:₁₂< 0
• H₀:₁₂ 0;H_A:₁₂> 0

b.Calculate the value of the test statistic.(Round final answer to 3 decimal places.)

c.Find thep-value.

multiple choice 2

• 0.01p-value < 0.025
• p-value < 0.01
• p-value0.10
• 0.05p-value < 0.10
• 0.025p-value < 0.05

d-1.At the 5% significance level, what is the conclusion to the test?

d-2.At the 1% significance level, what is the conclusion to the test?