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nameless23 nameless23
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6 years ago
A sample of 64 account balances from a credit company showed an average daily balance of 1040 . The standard deviation of the population is known to be 200 . We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from 1000.
 a. Develop the appropriate hypotheses for this problem.
  b. Compute the test statistic.
  c. Compute the p-value.
  d. Using the p-value approach and  = .05, test the above hypotheses. What is your conclusion?
  e. Using the critical value approach and  = .05, test the hypotheses. What is your conclusion?
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MacdonaldcMacdonaldc
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