Individuals filing federal income tax returns prior to March 31 received an average refund of $1,064. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). (b) For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed. What is the test statistic? (Round your answer to two decimal places.) What is the p-value? (Round your answer to four decimal places.) p-value = (c) At α = 0.05, what is your conclusion? ( )Do not reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,064. ( )Do not reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,064. (d) Repeat the preceding hypothesis test using the critical value approach. State the null and alternative hypotheses. H0: μ ≤ $1,064 Ha: μ > $1,064H0: μ ≥ $1,064 Ha: μ < $1,064 H0: μ < $1,064 Ha: μ ≥ $1,064H0: μ = $1,064 Ha: μ ≠ $1,064H0: μ > $1,064 Ha: μ ≤ $1,064 Find the value of the test statistic. (Round your answer to two decimal places.) State the critical values for the rejection rule. (Use α = 0.05. Round your answer to two decimal places. If the test is one-tailed, enter NONE for the unused tail.) test statistic≤( ) test statistic≥( ) State your conclusion. ( )Do not reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,064. ( )Do not reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,064.

Individuals filing federal income tax returns prior to March 31 received an average refund of $1,064. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). (b) For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed. What is the test statistic? (Round your answer to two decimal places.) What is the p-value? (Round your answer to four decimal places.) p-value = (c) At α = 0.05, what is your conclusion? ( )Do not reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,064. ( )Do not reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,064. (d) Repeat the preceding hypothesis test using the critical value approach. State the null and alternative hypotheses. H0: μ ≤ $1,064 Ha: μ > $1,064H0: μ ≥ $1,064 Ha: μ < $1,064 H0: μ < $1,064 Ha: μ ≥ $1,064H0: μ = $1,064 Ha: μ ≠ $1,064H0: μ > $1,064 Ha: μ ≤ $1,064 Find the value of the test statistic. (Round your answer to two decimal places.) State the critical values for the rejection rule. (Use α = 0.05. Round your answer to two decimal places. If the test is one-tailed, enter NONE for the unused tail.) test statistic≤( ) test statistic≥( ) State your conclusion. ( )Do not reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064. ( )Reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,064. ( )Do not reject H0. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,064.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Question

(b)

For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed.

What is the test statistic? (Round your answer to two decimal places.)

What is the p-value? (Round your answer to four decimal places.)

p-value =

(c)

At α = 0.05, what is your conclusion?

( )Do not reject H₀. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064.

( )Reject H₀. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064.

( )Reject H₀. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,064.

( )Do not reject H₀. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,064.

(d)

Repeat the preceding hypothesis test using the critical value approach.

State the null and alternative hypotheses.

H₀: μ ≤ $1,064
H_a: μ > $1,064H₀: μ ≥ $1,064
H_a: μ < $1,064 H₀: μ < $1,064
H_a: μ ≥ $1,064H₀: μ = $1,064
H_a: μ ≠ $1,064H₀: μ > $1,064
H_a: μ ≤ $1,064

Find the value of the test statistic. (Round your answer to two decimal places.)

State the critical values for the rejection rule. (Use α = 0.05. Round your answer to two decimal places. If the test is one-tailed, enter NONE for the unused tail.)

test statistic≤( )

test statistic≥( )

State your conclusion.

( )Do not reject H₀. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064.

( )Reject H₀. There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,064.

( )Reject H₀. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,064.

( )Do not reject H₀. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,064.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Basics of Inferential Statistics$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.