Medicare would like to test the hypothesis that the standard deviation for the monthly rate for a one-bedroom assisted-living facility is more than 400.
A random sample of 17 assisted living facilities had a standard deviation of 530. Using = 0.01, the conclusion for this hypothesis test would be that because the test statistic is ___________________ ________.
A) more than the critical value, we fail to reject the null hypothesis and conclude that the standard deviation for the monthly rates of one bedroom assisted-living facilities is more than 400
B) less than the critical value, we reject the null hypothesis and cannot conclude that the standard deviation for the monthly rates of one bedroom assisted-living facilities is more than 400
C) less than the critical value, we fail to reject the null hypothesis and cannot conclude that the standard deviation for the monthly rates of one bedroom assisted-living facilities is more than 400
D) more than the critical value, we fail to reject the null hypothesis and cannot conclude that the standard deviation for the monthly rates of one bedroom assisted-living facilities is more than 400
Question 2
A random sample of 25 roundtrip flights between Philadelphia and Dallas has an average airfare of 393.50 with a sample standard deviation of 50.30. The margin of error for a 90 confidence interval around this sample mean is ________.
A) 10.6
B) 14.1
C) 17.2
D) 22.9
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What rate, compounded once every 3 years, is equivalent to 9% effective rate?