Question 2 – hypothesis test with guidance A sample of 15 account balances of a credit company showed a mean customer balance of $4,300, but the marketing manager claimed that the mean balance for the population was $4425. The marketing manager did NOT have the population standard deviation, but the sample standard deviation was found to be $400. Úse the p-value approach to conduct a full hypothesis test(all steps) that can be used to determine whether the mean of all account balances is significantly different from $4425. Let a = .01. To help you go through the steps of hypothesis testing, follow these prompts: The null hypothesis is The alternative hypothesis is I will use a (choose 1: t sub alpha over two / z sub alpha over two) in my formula because I have calculated the value of t (or z) to be I have used t (or z) to get the value of p (most likely from a chart or computer printout). My p value is Alpha, which is given in the problem, is When I compared p to alpha, p is (choose 1: greater than/less than) alpha. Because of this, I know I should (choose 1: reject / fail to reject) my null hypothesis. Choose one: The mean balance is different than $4425/ The mean balance is NOT different than $4425.

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A ratio is a comparison between two numbers of the same kind. It represents how many times one number contains another. It also represents how small or large one number is compared to the other.

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