An associate at a large home improvement store claims that she can build a composite 12 × 20 ft deck for an average cost of $7200. We sample eight decks built by this associate and find that the average cost was $8215.22 with a standard deviation of $711.16. Does it appear from this sample that the claim of $7200 is not accurate (either too high or too low)? State the critical value (CV), test statistic (TS), and decision from the test. (Useα= 0.05.)
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CV = 2.3646; TS = 1.43; fail to reject her claim
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CV = 1.8946; TS = 1.43; fail to reject her claim
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CV = 1.8946; TS = 4.04; reject her claim
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CV = 2.3646; TS = 4.04; reject her claim