Commercial real estate prices and rental rates sufferedsubstantial declines in 2008 and 2009.† These declines wereparticularly severe in Asia; annual lease rates in Tokyo, HongKong, and Singapore declined by 40% or more. Even with such largedeclines, annual lease rates in Asia were still higher than thosein many cities in Europe. Annual lease rates for a sample of 30commercial properties in an Asian city showed a mean of $1,118 persquare meter with a standard deviation of $230. Annual lease ratesfor a sample of 40 commercial properties in a European city showeda mean lease rate of $987per square meter with a standard deviationof $195.
b) what is the value of the test statistic? (round your answerto three decimal places)
c) what is the p-value? (round your answer to four decimalplaces.)
