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Author Question: A sample of 64 account balances from a credit company showed an average daily balance of $1,040. The ... (Read 71 times)

mustachegiraffe

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on: Mar 25, 2023

A sample of 64 account balances from a credit company showed an average daily balance of $1,040.  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 $1,000.


a.

Develop the appropriate hypotheses for this problem.

b.

Compute the test statistic.

c.

Compute the p-value.

d.

Using the p-value approach at 95% confidence, test the above hypotheses.

e.

Using the critical value approach at 95% confidence, test the hypotheses.

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by mustachegiraffe on Mar 25, 2023

athenaheim

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Reply #1 on: Mar 25, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mustachegiraffe

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Reply 2 on: Mar 25, 2023
Thanks for the timely response, appreciate it

pratush dev

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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