In this question set, you are going to conduct a hypothesis test using the approach introduced on page 7.4.1 of the online course notes.

Researchers want to know if there is evidence that the mean monthly rental rate of a two-bedroom apartment in University City, North Carolina, is different from $1500. On November 20, 2021, the data was collected from a random sample of 60 two-bedroom apartments in University City, North Carolina. Minitab was used to compute the following descriptive statistics:

Variable	N	Mean	SE Mean
Rent	60	1562	192.7

"SE Mean" is the standard error of the mean.

Use the five-step hypothesis testing procedure that is outlined below to conduct a hypothesis test to determine if there is evidence that the population mean is different from $1500. Because the sample size is large, the sampling distribution will be approximately normal and you can use the z distribution to find the p value. Use a 0.05 alpha level.

QUESTION

1.Check assumptions and write hypotheses.

2.Calculate the test statistic.

3.Determine the p-value (use the z distribution).

4.Make a decision.

5.State a real-world conclusion.