Bank A claims that the waiting time for its customers is less than its competitor Bank B's customers. A researcher collected data on the wait time for customers from both banks. Test the claim. Assume the samples are random and independent, and the populations are normally distributed. Also, assume that the unknown population variances are equal. Test the claim at 0.01 level of significance.

Bank A Bank B

n1= 15 n2=16

x1= 5.3 minutes x2=5.6minutes

s1= 1.1 minutes s2=1.0minutes

Is there sufficient evidence to believe that the wait time for Bank A is less than for Bank B? Include all key steps of test of hypothesis, using the critical value approach.