Essay
A sample of 64 account balances from a credit company showed an average daily balance of $1,040. The standard deviation of the population is known to be $200. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,000.
a.Develop the appropriate hypotheses for this problem.
b.Compute the test statistic.
c.Compute the p-value.
d.Using the p-value approach at 95% confidence, test the above hypotheses.
e.Using the critical value approach at 95% confidence, test the hypotheses.
Correct Answer:
Verified
a.Ho: 
=1000
Ha: 1000
b.1.60
c.0.1096
d.Th...View Answer
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Correct Answer:
Verified
=1000Ha:
1000b.1.60
c.0.1096
d.Th...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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