A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below. Test the local bank’s claim. Use the information given below. Use a significance level of .05 and assume the variances are equal. Sample statistics for a local bank and a competitor's bankSample sizeLocal Bankn1=46Competitor Bankn2=50Average waiting time in minutes for each sampleX¯¯¯1=2.3 mins.X2__ =2.6Sample Standard Deviation of each Samples1= 1.1 minss2=1.0 mins.Are the samples dependent or independent? answeredState your Null/Alternative hypotheses? AnsweredWhat is the test-statistic? AnsweredWhat is the p-value? answeredWhat are the critical values? answeredDoes the test-statistic lie in the rejection region? answeredInterpret the Result?Does the result change for a different value of alpha? Explain? **General Ed. Task**1) The samples are independent.2) Null and Alternative Hypotheses \( H_0: \mu_1 = \mu_2 \) \( H_1: \mu_1 < \mu_2 \)3) Calculation of the t-statistic: \[ t = \frac{2.3 - 2.6}{\sqrt{\frac{(46-1) \times 1.2^2 + (50-1) \times 1.0^2}{46 + 50 - 2} \times \left(\frac{1}{46} + \frac{1}{50}\right)}} = -1.40 \]4) P-Value: 0.0824 (Left-tailed)5) Critical Value: -1.66016) Since 0.0824 > 0.05, the null hypothesis is not rejected.

1. Assume that μ1, μ2 as the true average waiting time for all customers of local bank and…

Answered: A local bank claims that the waiting…

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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A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below. Test the local bank’s claim. Use the information given below. Use a significance level of .05 and assume the variances are equal.

Sample statistics for a local bank and a competitor's bank