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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 82 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
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mustachegiraffe

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Reply 2 on: Mar 25, 2023
Wow, this really help

softEldritch

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

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