When using Excel's BINOM.DIST function, one should choose TRUE ...

[Pineappleeh]

When using Excel's BINOM.DIST function, one should choose TRUE for the fourth input if _____.
 a. a probability is desired
  b. a cumulative probability is desired
  c. the expected value is desired
  d. the correct answer is desired

Question 2

A sample of 64 account balances from a credit company showed an average daily balance of 1040 . The standard deviation of the population is known to be 200 . We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from 1000.
 a. Develop the appropriate hypotheses for this problem.
  b. Compute the test statistic.
  c. Compute the p-value.
  d. Using the p-value approach and  = .05, test the above hypotheses. What is your conclusion?
  e. Using the critical value approach and  = .05, test the hypotheses. What is your conclusion?

[zenzy]

Answer to Question 1

b

Answer to Question 2

a. H0:  = 1000
Ha:   1000
b. 1.60
c. .1096
d. p-value = .1096 >  = .05 . The null hypothesis is not rejected; no evidence to show that the mean is significantly different from 1000.
e. z = 1.60 is between -1.96 and 1.96; the null hypothesis cannot be rejected; there is no evidence that the mean is significantly different from 1000.

[Pineappleeh]

Thanks for the timely response, appreciate it

[ebonylittles]

Excellent