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You may need to use the appropriate appendix table or technology to answer this question. A sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter - for as needed.) Ho: μ=1100 H₂: μ!= 1100 (b) Compute the test statistic. 1.75 ✔ (c) Compute the p-value. (Round your answer to four decimal places.) p-value 0.0401 x (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence conclude that the mean of all account balances is significantly different from $1,100.

You may need to use the appropriate appendix table or technology to answer this question. A sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter - for as needed.) Ho: μ=1100 H₂: μ!= 1100 (b) Compute the test statistic. 1.75 ✔ (c) Compute the p-value. (Round your answer to four decimal places.) p-value 0.0401 x (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence conclude that the mean of all account balances is significantly different from $1,100.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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You may need to use the appropriate appendix table or technology to answer this question. A sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter != for as needed.) Ho: μl 1100 Ha: μ! = 1100 (b) Compute the test statistic. 1.75 (c) Compute the p-value. (Round your answer to four decimal places.) p-value = 0.0401 X (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. (e) Using the critical value approach and α = 0.05, test the hypotheses. Determine the critical value(s) for this test. (Round your answer(s) to two decimal places. If the test is one-tailed, enter NONE for the unused tail.) test statistic < test statistic 2 X What is your conclusion? Ⓒ Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Need Help? Read It X
Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question. A sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter != for as needed.) Ho: μl 1100 Ha: μ! = 1100 (b) Compute the test statistic. 1.75 (c) Compute the p-value. (Round your answer to four decimal places.) p-value = 0.0401 X (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. (e) Using the critical value approach and α = 0.05, test the hypotheses. Determine the critical value(s) for this test. (Round your answer(s) to two decimal places. If the test is one-tailed, enter NONE for the unused tail.) test statistic < test statistic 2 X What is your conclusion? Ⓒ Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Need Help? Read It X
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