Question: A real estate agency located in a metropolitan area in the northeastern U.S. kept data on various types of properties purchased in the area. Historically, 15% of purchases were for condominiums, 30% were for townhouses, 40% were for single family homes, 10% were for commercial properties, and 5% were for land. With changing demographics, the agency wondered if the current distribution matches the historical distribution. Recent data showed the following.

What is the conclusion at the ????0.01 level? Show all work – state the hypotheses, calculate the

test statistic, state the critical value, and state the conclusion of the test. (25 pts)