A sample of 64 account balances from a credit company showed an average daily balance of $1,110. 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.) Hoi Hai (b) Compute the test statistic. (c) Compute the p-value. (Round your answer to four decimal places.) p-value = (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Do not reject Ho. 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 a = 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 statistics test statistic 2 What is your conclusion? Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Roiect H There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1 100 A sample of 64 account balances from a credit company showed an average daily balance of $1,110. 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.) Hoi Hai (b) Compute the test statistic. (c) Compute the p-value. (Round your answer to four decimal places.) p-value = (d) Using the p-value approach and a = 0.05, test the above hypotheses. What is your conclusion? Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Do not reject Ho. 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 a = 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 statistics test statistic 2 What is your conclusion? Do not reject Ho. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Roiect H There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1 100
