The mean balance of all checking accounts at a bank on December 31, 2011, was $850. A random sample of 51 checking accounts taken recently from this bank gave a mean balance of $788 with a standard deviation of $200. Using the 1% significance level, can you conclude that the mean balance of such accounts has decreased during this period? 8th-ed Chapter 09, Section 9.3, Intelligent Tutoring Problem 061(a) Compute sz. Round the answer to four decimal places.(b) Compute the value of the test statistic, the t value. Round the answer to three decimal places.t-value =(c) Find the critical value oft from the t-distribution. Round the answer to three decimal places.Critical t-value =

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Description: The mean balance of all checking accounts at a bank on December 31, 2011, was $850. A random sample of 51 checking accounts taken recently from this bank gave a mean balance of $788 with a standard deviation of $200. Using the 1% significance level,

Given information Hypothesized mean = 850 Sample mean = 788 Sample standard deviation(s) = 200 n =…

Answered: 8th-ed Chapter 09, Section 9.3,…

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The mean balance of all checking accounts at a bank on December 31, 2011, was $850. A random sample of 51 checking accounts taken recently from this bank gave a mean balance of $788 with a standard deviation of $200. Using the 1% significance level, can you conclude that the mean balance of such accounts has decreased during this period?

8th-ed Chapter 09, Section 9.3, Intelligent Tutoring Problem 061
(a) Compute sz. Round the answer to four decimal places.
(b) Compute the value of the test statistic, the t value. Round the answer to three decimal places.
t-value =
(c) Find the critical value oft from the t-distribution. Round the answer to three decimal places.
Critical t-value =

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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