Monthly Home Rent The average monthly rent for a one-bedroom home in San Francisco is $1229. A random sample of 15 one-bedroom homes about 15 miles outside of San Francisco had a mean rent of $1350. The population standard deviation is $250. At a 0.05, can we conclude that the monthly rent outside San Francisco differs from that in the city? Source: New York Times Almanac, a. Solve using the traditional approach. b. Confirm your answer to part a using the P – value approach.

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Monthly Home Rent The average monthly rent for a
one-bedroom home in San Francisco is $1229. A random
sample of 15 one-bedroom homes about 15 miles outside
of San Francisco had a mean rent of $1350. The
population standard deviation is $250. At a 0.05, can
we conclude that the monthly rent outside San Francisco
differs from that in the city?
Source: New York Times Almanac,
a. Solve using the traditional approach.
b. Confirm your answer to part a using the P – value approach.
Transcribed Image Text:Monthly Home Rent The average monthly rent for a one-bedroom home in San Francisco is $1229. A random sample of 15 one-bedroom homes about 15 miles outside of San Francisco had a mean rent of $1350. The population standard deviation is $250. At a 0.05, can we conclude that the monthly rent outside San Francisco differs from that in the city? Source: New York Times Almanac, a. Solve using the traditional approach. b. Confirm your answer to part a using the P – value approach.
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