Question Grace Floral Shop claims that their average daily earnings are $497. An auditor wants to determine whether this claim is true. The auditor randomly selected a sample of 100 days and found that the sample mean earnings was $495 with a sample standard deviation of 9.75. a) Calculate the 97% confidence interval for the population's mean daily earning. Assist the auditor in conducting a hypothesis test, at the 3% level of significance, to determine whether the claim about their average daily earnings was overstated. b) State the null and the alternative hypothesis for this test.  c) Using the p-value approach, state the decision rule for this test.  d) Calculate the value of the test statistic for this test.  e) Calculate the p-value for this test?  f) State the conclusion of this test. Give reason for your answer   Please answers parts D, E & F

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.