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
6th Edition
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Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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![### 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb64a245c-58a1-461c-9dad-b5b5e49abbae%2F15b75e97-a114-4b42-905c-97a696e66568%2Frp9plh8_processed.png&w=3840&q=75)
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
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