A car dealer who sells only late-model luxury cars recently hired a new salesperson and believes that this salesperson i

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A Car Dealer Who Sells Only Late Model Luxury Cars Recently Hired A New Salesperson And Believes That This Salesperson I 1 (20.27 KiB) Viewed 24 times

A car dealer who sells only late-model luxury cars recently hired a new salesperson and believes that this salesperson is selling at lower markups. He knows that the long-run average markup in his lot is $5,600. He takes a random sample of 16 of the new salesperson's sales and finds an average markup of $5,000 and a standard deviation of $800. Assume the markups are normally distributed, and use a 2% significance level. What is the p-value associated with the test statistic in the previous question for the car dealer's hypothesis test? (Enter your answer as a percentage without the percent sign, rounded to 1 decimal place.)