A rental agent claims that the mean monthly rent, μ, for apartments on the east side of town is less than $650. A random sample of 10 monthly rents for apartments on the east side has a mean of $631,...

A rental agent claims that the mean monthly rent, μ, for apartments on the east side of town is less than $650. A random sample of 10 monthly rents for apartments on the east side has a mean of $631, with a standard deviation of $24. If we assume that the monthly rents for apartments on the east side are normally distributed, is there enough evidence to conclude, at the 0.05 level of significance, that μ is less than $650?

• State the null hypothesis H0 and the alternative hypothesis H1


• Using the t-test find the value


• Find the p-value


• Using the 0.05 level of significance, can we conclude that the mean monthly rent for apartments on the east side is less than
  
  
  

  $650? Yes or no?