Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A sample of 39 account balances of a credit company showed an average balance of $1,177 and a standard deviation of $135. You want to
A sample of 39 account balances of a credit company showed an average balance of $1,177 and a standard deviation of $135. You want to determine if the mean of all account balancesissignificantlygreaterthan $1,150. Use a 0.05 level of significance. Assume the population ofaccount balances is normally distributed.
Compute the test statistic.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started