Answer :
Final answer:
Perform a one-sample t-test to determine if the mean single-family home price in Vero Beach is greater than $156,492.
Explanation:
In order to determine if the mean single-family home price in Vero Beach is greater than $156,492, we can perform a hypothesis test. We will use a one-sample t-test to compare the sample mean to the population mean. The null hypothesis would be that the mean single-family home price in Vero Beach is equal to $156,492, and the alternative hypothesis would be that it is greater than $156,492.
We would collect a sample of single-family home prices in Vero Beach and calculate the sample mean. We would then calculate the test statistic using the formula:
t = (sample mean - population mean) / (standard deviation / sqrt(sample size))If the calculated t-value is greater than the critical t-value at the desired significance level, we would reject the null hypothesis and conclude that the mean single-family home price in Vero Beach is indeed greater than $156,492.
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