Suppose that in past years the average price per square foot for warehouses in the United States has been $31.

Suppose that in past years the average price per square foot for warehouses in the United States has been $31.23. A national real estate investor wants to determine whether that figure has changed now. The investor hires a researcher who randomly samples 50 warehouses that are for sale across the United States and finds that the mean price per square foot is $30.63, with a standard deviation of $1.22. Assume that prices of warehouse footage are normally distributed in population. If the researcher uses a 5% level of significance, what statistical conclusion can be reached? (Round your answer to 2 decimal places.)

Appendix A Statistical Tables

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