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A sample of28account balances of a credit company was taken to testwhetherthe mean of all account balancesissignificantlygreaterthan$1,150.Using the samplestandard deviation,the test statistic (t) was calculated
A sample of28account balances of a credit company was taken to testwhetherthe mean of all account balancesissignificantlygreaterthan$1,150.Using the samplestandard deviation,the test statistic (t) was calculated to be$1.48.We use a 0.05 level of significance. Assume the population ofaccount balances is normally distributed and the population standard deviation is unknown to us.
We conclude that the mean of all account balancesis significantly greaterthan$1,150.(Enter1ifthe conclusion iscorrect.Enter0ifthe conclusion is wrong.)
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