1. Bank Fees Prior to the 2008-2010 recession, fees charged by banks for late credit card payments averaged $50. A government agency would like to test the hypothesis that these fees have decreased. A random sample selected with the data provided in column A. Is there evidence that the mean bank fee has increased? Carry out a hypothesis test using the four-step procedure. Set alpha at 0.01. a. Set up the null and alternative hypotheses for the question. (4 points) b. Discuss if Normal distribution assumption is reasonable for the question. ( 2 points) c. Find the test statistic and P-value in Cell D3 and D5. Also, report all necessary statistics you use to calculate the test statistic in the blue area in Colum G. (8 points) d. Based on what you found in part c, what do you conclude on the average bank fees? Explain your answer. (5 points) e. Calculate a 95% confidence interval for the average fees. Type your answers in Cell D9 and D10. Interpret the interval in the context of the problem. ( 6 points) \begin{tabular}{|c|r|c|c|c|c|} \hline & \multicolumn{1}{|c|}{ A } & B & C & D & E \\ \hline 1 & Fees & & & & \\ \hline 2 & 55 & & & Answer & Formula \\ \hline 3 & 34 & & test statistic & & #N/A \\ \hline 4 & 46 & & & \\ \hline 5 & 56 & & p-value & & #N/A \\ \hline 6 & 61 & & & \\ \hline 7 & 53 & & & \\ \hline 8 & 45 & & Cl 95\% & & #N/A \\ \hline 9 & 43 & & Lower Bound & & #N/A \\ \hline 10 & 41 & Upper Bound & & \\ \hline 11 & 60 & & & & \\ \hline \end{tabular} 1. Bank Fees Prior to the 2008-2010 recession, fees charged by banks for late credit card payments averaged $50. A government agency would like to test the hypothesis that these fees have decreased. A random sample selected with the data provided in column A. Is there evidence that the mean bank fee has increased? Carry out a hypothesis test using the four-step procedure. Set alpha at 0.01. a. Set up the null and alternative hypotheses for the question. (4 points) b. Discuss if Normal distribution assumption is reasonable for the question. ( 2 points) c. Find the test statistic and P-value in Cell D3 and D5. Also, report all necessary statistics you use to calculate the test statistic in the blue area in Colum G. (8 points) d. Based on what you found in part c, what do you conclude on the average bank fees? Explain your answer. (5 points) e. Calculate a 95% confidence interval for the average fees. Type your answers in Cell D9 and D10. Interpret the interval in the context of the problem. ( 6 points) \begin{tabular}{|c|r|c|c|c|c|} \hline & \multicolumn{1}{|c|}{ A } & B & C & D & E \\ \hline 1 & Fees & & & & \\ \hline 2 & 55 & & & Answer & Formula \\ \hline 3 & 34 & & test statistic & & #N/A \\ \hline 4 & 46 & & & \\ \hline 5 & 56 & & p-value & & #N/A \\ \hline 6 & 61 & & & \\ \hline 7 & 53 & & & \\ \hline 8 & 45 & & Cl 95\% & & #N/A \\ \hline 9 & 43 & & Lower Bound & & #N/A \\ \hline 10 & 41 & Upper Bound & & \\ \hline 11 & 60 & & & & \\ \hline \end{tabular}