A car insurance company claims that the average price of a new car is at least $17300. You randomly select a sample of 40 new car models and look up the prices, finding an average of $16412. Assume a population standard deviation of $2360. a. Calculate the p-value of the hypothesis test, rounded to 4 decimal places. b. Come to a conclusion - Reject the null hypothesis - Fail to reject the null hypothesis c. Interpret your results - There is not enough evidence to support the claim that the average price of a new car is at least $ 17300. - There is enough evidence to support the claim that the average price of a new car is at least $ 17300. - There is not enough evidence to refute the claim that the average price of a new car is at least $ 17300. - There is enough evidence to refute the claim that the average price of a new car is at least $ 17300.
A car insurance company claims that the average price of a new car is at least $17300. You randomly select a sample of 40 new car models and look up the prices, finding an average of $16412. Assume a population standard deviation of $2360.
a. Calculate the p-value of the hypothesis test, rounded to 4 decimal places.
b. Come to a conclusion
- Reject the null hypothesis
- Fail to reject the null hypothesis
c. Interpret your results
- There is not enough evidence to support the claim that the average price of a new car is at least $ 17300.
- There is enough evidence to support the claim that the average price of a new car is at least $ 17300.
- There is not enough evidence to refute the claim that the average price of a new car is at least $ 17300.
- There is enough evidence to refute the claim that the average price of a new car is at least $ 17300.
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