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Assume that the average annual income of people in US is said to be $25450. We want to check whether average income of people in
Assume that the average annual income of people in US is said to be $25450. We want to check whether average income of people in Chicago represents the national average. A sample of 250 people in Chicago was taken and it was found that their average income was $26500 with SD $2800. At 5% Level of significance, can you conclude that the average income of people in Chicago is representative of US average?
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