sample of 19 account balances of a credit company showed a mean customer balance of $4,350, but the marketing manager claimed that the mean balance for the population was $4,225. The marketing manager did NOT have the population standard deviation, but the sample standard deviation was found to be $300. Use 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 $4,225. Let α = .05. 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 / z) in my formula because I have calculated the value of t (or z) to be
A sample of 19 account balances of a credit company showed a mean customer balance of $4,350, but the marketing manager claimed that the mean balance for the population was $4,225. The marketing manager did NOT have the population standard deviation, but the sample standard deviation was found to be $300. Use 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 $4,225. Let α = .05.
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 / z) 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 $4225 / The mean balance is NOT different than $4225.
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