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Description: The manager of a departmental store is thinking about establishing a new billing system for the store’s credit customers. After a thorough financial analysis, she determines that the new system will be cost effective only if the mean monthly account

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The manager of a departmental store is thinking about establishing a new billing system for the store’s credit customers. After a thorough financial analysis, she determines that the new system will be cost effective only if the mean monthly account is more than $70. A random sample of 49 monthly accounts is drawn, for which the sample mean account is $75 and the sample standard deviation is $12. Is there enough evidence at the 10% level of significance to conclude that the new system will be cost effective?

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