Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Benford's Law claims that numbers chosen from very large data files tend to have 1 as the first nonzero digit disproportionately often. In fact, research

image text in transcribed
Benford's Law claims that numbers chosen from very large data files tend to have "1" as the first nonzero digit disproportionately often. In fact, research has shown that if you randomly draw a number from a very large data file, the probability of getting a number with "1" as the leading digit is about 0.301. Suppose you are an auditor for a very large corporation. The revenue report involves millions of numbers in a large computer file. Let us say you took a random sample of n = 463 numerical entries from the file and r = 122 of the entries had a first nonzero digit of 1. Let p represent the population proportion of all numbers in the corporate file that have a first nonzero digit of 1. Test the claim that p is less than 0.301 by using a = 0.1. What is the P-value of the test statistic

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra (subscription)

Authors: Elayn Martin Gay

6th Edition

0135176301, 9780135176306

More Books

Students also viewed these Mathematics questions

Question

Which of the following is used to continue a line? Matlab

Answered: 1 week ago