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In: Statistics and Probability

Five years ago, the average apartment rent in southwest Virginia was $895 per month. A recent...

Five years ago, the average apartment rent in southwest Virginia was $895 per month. A recent study of 180 randomly selected apartments found that the average rent was $915, with a standard deviation of $227.50. Do the data enable us to conclude that rents have increased? At the 98% degree of confidence, can it be concluded that the average rent has increased?

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Expert Solution

98% degree of confidence = 1 – 0.98= 0.02, significance level.

No, it can't be concluded that the average rent has increased.

(PLEASE UPVOTE)

orchestra answered 2 years ago
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