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The management at New Century Bank claims that the mean waiting time for all customers at its branches is less than that at the Public Bank, which is its main competitor. A business consulting firm took a sample of 214 customers from the New Century Bank and found that they waited an average of 4.35 minutes before being served. Another sample of 280 customers taken from the Public Bank showed that these customers waited an average of 4.60 minutes before being served. Assume that the standard deviations for the two populations are 1.22 and 1.53 minutes, respectively. Let u, be the mean waiting time for all customers at New Century Bank, and 2 be the mean waiting time for all customers at the Public Bank. a. Make a 90% confidence interval for the difference between the two population means. Round your answers to two decimal places. to i ! minutes. b. Test at a 2.5% significance level whether the claim of the management of the New Century Bank is true. Round your answer to two decimal places. Observed valued of z = Conclusion: Reject Но-

The management at New Century Bank claims that the mean waiting time for all customers at its branches is less than that at the Public Bank, which is its main competitor. A business consulting firm took a sample of 214 customers from the New Century Bank and found that they waited an average of 4.35 minutes before being served. Another sample of 280 customers taken from the Public Bank showed that these customers waited an average of 4.60 minutes before being served. Assume that the standard deviations for the two populations are 1.22 and 1.53 minutes, respectively. Let u, be the mean waiting time for all customers at New Century Bank, and 2 be the mean waiting time for all customers at the Public Bank. a. Make a 90% confidence interval for the difference between the two population means. Round your answers to two decimal places. to i ! minutes. b. Test at a 2.5% significance level whether the claim of the management of the New Century Bank is true. Round your answer to two decimal places. Observed valued of z = Conclusion: Reject Но-

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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The management at New Century Bank claims that the mean waiting time for all customers at its branches is less than that at the Public Bank, which is its main competitor. A business consulting firm took a sample of 214 customers from the New Century Bank and found that they waited an average of 4.35 minutes before being served. Another sample of 280 customers taken from the Public Bank showed that these customers waited an average of 4.60 minutes before being served. Assume that the standard deviations for the two populations are 1.22 and 1.53 minutes, respectively. Let 4, be the mean waiting time for all customers at New Century Bank, and H, be the mean waiting time for all customers at the Public Bank. a. Make a 90% confidence interval for the difference between the two population means. Round your answers to two decimal places. ! to i ! minutes. b. Test at a 2.5% significance level whether the claim of the management of the New Century Bank is true. Round your answer to two decimal places. Observed valued of z = i Conclusion: Reject Но- Conclude that the mean waiting time for all customers at New Century Bank branches is less than that at the Public Bank. The bank's claim is true : c. Calculate the p-value for the test of part b. Based on this p-value, would you reject the null hypothesis if a = 0.01? What if a = 0.05? Round your answer to four decimal places. p-value =
Transcribed Image Text:The management at New Century Bank claims that the mean waiting time for all customers at its branches is less than that at the Public Bank, which is its main competitor. A business consulting firm took a sample of 214 customers from the New Century Bank and found that they waited an average of 4.35 minutes before being served. Another sample of 280 customers taken from the Public Bank showed that these customers waited an average of 4.60 minutes before being served. Assume that the standard deviations for the two populations are 1.22 and 1.53 minutes, respectively. Let 4, be the mean waiting time for all customers at New Century Bank, and H, be the mean waiting time for all customers at the Public Bank. a. Make a 90% confidence interval for the difference between the two population means. Round your answers to two decimal places. ! to i ! minutes. b. Test at a 2.5% significance level whether the claim of the management of the New Century Bank is true. Round your answer to two decimal places. Observed valued of z = i Conclusion: Reject Но- Conclude that the mean waiting time for all customers at New Century Bank branches is less than that at the Public Bank. The bank's claim is true : c. Calculate the p-value for the test of part b. Based on this p-value, would you reject the null hypothesis if a = 0.01? What if a = 0.05? Round your answer to four decimal places. p-value =
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