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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Q: Find the margin of error at a 90% confidence level.

A:

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Q: In a survey, 28 people were asked how much they spent on their child's last birthday gift. The…

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Q: a. Report the point estimate for this study of student loans owed. b. Construct a 95% confidence…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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A: Since population standard deviation is unknown, Use t-distribution to find t-critical value. Find…

Q: In a survey, 28 people were asked how much they spent on their child's last birthday gift. The…

A: Since population standard deviation is unknown, Use t-distribution to find t-critical value. Find…

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A:

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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.