Your local newspaper contains a large number of advertisements for unfurnished one-bedroom apartments in a particular neighborhood. You choose 36 at random and calculate that their mean monthly rent is $530 with a standard deviation of $78. You want to find out if the sample data gives a good reason to believe that the average rent for all advertised one-bedroom apartments is less than $550 per month. Conduct the following hypothesis test at 0.01 level of significance.

Null hypothesis: The population mean rent of the apartments is at least $550 per month.

Alternative hypothesis: The population mean rent of the apartments is lower than $550 per month.

None of these

Do not reject the Null

Accept the Null

Reject the Null