NebNas manages the credit department for a grocery store chain in the province, and she would like to determine whether the mean monthly balance of credit card holders is equal to $95. A random sample of 100 accounts indicated that the mean owed is $101.5 with a sample

NebNas manages the credit department for a grocery store chain in the province, and she would like to determine whether the mean monthly balance of credit card holders is equal to $95. A random sample of 100 accounts indicated that the mean owed is $101.5 with a sample

Name: NebNas manages the credit department for a grocery store chain in the
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Description: NebNas manages the credit department for a grocery store chain in the province, and shewould like to determine whether the mean monthly balance of credit card holders is equal to$95. A random sample of 100 accounts indicated that the mean owed is $1

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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Concept explainers

Inverse Normal Distribution

The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.

Mean, Median, Mode

It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.

Z-Scores

A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.

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NebNas manages the credit department for a grocery store chain in the province, and she
would like to determine whether the mean monthly balance of credit card holders is equal to
$95. A random sample of 100 accounts indicated that the mean owed is $101.5 with a sample
standard deviation of $25.6. If she wanted to test whether the mean balance is different from
$95 and decided to reject the null hypothesis, what will be the p-value of the test?

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