In 2017 it was established that the dollar amount purchased monthly by a bank's customers is approximately normally distributed with a mean of $800 and a standard deviation of $40. If in a random sample of 30 customers this year establishes that the average dollar amount purchased is 788 does the data show sufficient evidence to say that the average dollar amount purchased has changed? Note: take α = 0.05. To analyze this problem. which of the following statement(s) is/are true? I. The most appropriate hypothesis test is: H0: μ ≥ 800 H1: μ < 800 II. The test statistic gives -1.643. III. With 95% confidence, there is insufficient evidence to reject H0. Select one: a. I only. b. II only c. III only d. II and III e. I, II and III
In 2017 it was established that the dollar amount purchased monthly by a bank's customers is approximately
To analyze this problem. which of the following statement(s) is/are true?
I. The most appropriate hypothesis test is:
H0: μ ≥ 800
H1: μ < 800
II. The test statistic gives -1.643.
III. With 95% confidence, there is insufficient evidence to reject H0.
Select one:
a. I only.
b. II only
c. III only
d. II and III
e. I, II and III
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