Homework Help is Here – Start Your Trial Now!
Math
Statistics
You may need to use the appropriate appendix table or technology to answer this question. A sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter - for as needed.) Ho: μ=1100 H₂: μ!= 1100 (b) Compute the test statistic. 1.75 ✔ (c) Compute the p-value. (Round your answer to four decimal places.) p-value 0.0401 x (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence conclude that the mean of all account balances is significantly different from $1,100.

You may need to use the appropriate appendix table or technology to answer this question. A sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter - for as needed.) Ho: μ=1100 H₂: μ!= 1100 (b) Compute the test statistic. 1.75 ✔ (c) Compute the p-value. (Round your answer to four decimal places.) p-value 0.0401 x (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Do not reject Ho. There is insufficient evidence conclude that the mean of all account balances is significantly different from $1,100.

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
Problem 1P
See similar textbooks
icon
Related questions
Question

Can you help me with C,D, and E with steps on how to find the anwser.

### Hypothesis Testing for Population Mean In this example, a sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. #### Step-by-Step Analysis: #### (a) Develop the appropriate hypotheses (in dollars) for this problem. Null Hypothesis (H₀): \[ \mu = 1100 \] Alternative Hypothesis (H₁): \[ \mu \neq 1100 \] #### (b) Compute the test statistic. The test statistic is provided: \[ 1.75 \] #### (c) Compute the p-value (Round your answer to four decimal places). The p-value is: \[ 0.0401 \] #### (d) Using the p-value approach and α = 0.05, test the above hypotheses. What is your conclusion? Options provided for conclusion: 1. Reject H₀. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 2. Do not reject H₀. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 3. Do not reject H₀. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 4. Reject H₀. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Correct conclusion: \[ \text{Reject H₀. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100.} \] #### (e) Using the critical value approach and α = 0.05, test the hypotheses. Determine the critical value(s) for this test. (Round your answer(s) to two decimal places. If the test is one-tailed, enter NONE for the unused tail.) - Test statistic: \[ \boxed{ } \] What is your conclusion? Options provided for conclusion: 1. Reject H₀. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 2. Do not reject H₀. There is insufficient evidence to conclude that the mean
Transcribed Image Text:### Hypothesis Testing for Population Mean In this example, a sample of 64 account balances from a credit company showed an average daily balance of $1,135. The standard deviation of the population is known to be $160. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,100. #### Step-by-Step Analysis: #### (a) Develop the appropriate hypotheses (in dollars) for this problem. Null Hypothesis (H₀): \[ \mu = 1100 \] Alternative Hypothesis (H₁): \[ \mu \neq 1100 \] #### (b) Compute the test statistic. The test statistic is provided: \[ 1.75 \] #### (c) Compute the p-value (Round your answer to four decimal places). The p-value is: \[ 0.0401 \] #### (d) Using the p-value approach and α = 0.05, test the above hypotheses. What is your conclusion? Options provided for conclusion: 1. Reject H₀. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 2. Do not reject H₀. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 3. Do not reject H₀. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 4. Reject H₀. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Correct conclusion: \[ \text{Reject H₀. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100.} \] #### (e) Using the critical value approach and α = 0.05, test the hypotheses. Determine the critical value(s) for this test. (Round your answer(s) to two decimal places. If the test is one-tailed, enter NONE for the unused tail.) - Test statistic: \[ \boxed{ } \] What is your conclusion? Options provided for conclusion: 1. Reject H₀. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. 2. Do not reject H₀. There is insufficient evidence to conclude that the mean
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS