An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 10 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals daily revenue of $625.

Consider H₀: µ = 675 versus H_a: µ < 675

At the .05 level of significance , is there evidence that the average daily revenue is less than 675

Compute the p-value and interpret its meaning

Construct a 95% confidence interval estimate of the population mean revenue of coin-operated laundry.

Compare the results of (a) , (b), and (c). What conclusions do you reach?

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Instructions:

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State the Hypothesis

Draw the normal distribution and identify the acceptance and rejection regions

Make your decision with respect to each part of the question.