A real estate agency, located in a metropolitan area in the northeastern U. S., kept data on the various types of properties purchased in the area. Historically, 15% of purchases were for condominiums, 30% were for townhouses, 40% for single family homes, 10% for commercial properties and 5% for land. With changing demographics, the agency wondered if the current distribution matches the historical distribution. Recent data showed the following:What is the value of theChi-square test statistic? (Round to three decimal places.)
Type of Property & Frequency:
Condos =89, Townhouses = 121, Homes = 78, Commercial = 25, Land = 12

a. State appropriate hypotheses to test whether the purchasing agent is correct.
b. What is the value of the test statistic and its associated P-value?
c. State the conclusion at a = .05.