The manager of a department store is thinking about establishing a new billing system for the store’s credit customers. After a thorough financial analysis, she determines that the new system will be cost-effective only if the mean monthly account is greater than R70. A random sample of 200 monthly accounts is drawn, for which the sample mean account is R74. The manager knows that the accounts are normally distributed, with a standard deviation of R30. Is there enough evidence at the 5% significance level to conclude that the new system will be cost effective? (Remember to use the 4-step process.)
The manager of a department store is thinking about establishing a new billing system for the store’s credit customers. After a thorough financial analysis, she determines that the new system will be cost-effective only if the mean monthly account is greater than R70. A random sample of 200 monthly accounts is drawn, for which the sample mean account is R74. The manager knows that the accounts are normally distributed, with a standard deviation of R30. Is there enough evidence at the 5% significance level to conclude that the new system will be cost effective? (Remember to use the 4-step process.)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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The manager of a department store is thinking about establishing a new billing system for the store’s credit customers.
After a thorough financial analysis, she determines that the new system will be cost-effective only if the
account is greater than R70. A random sample of 200 monthly accounts is drawn, for which the sample mean account
is R74. The manager knows that the accounts are
enough evidence at the 5% significance level to conclude that the new system will be cost effective? (Remember to
use the 4-step process.)
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