Good Evening,

So Ive completed 2 similar questions and may be getting the steps mixed up. Can you please explain what the correct steps are? Thank you

Work through this hypothesis test using the prompts below. In other words, finish the sentences I have started.

A sample of 240 account balances of credit company showed a mean of customer balance of $2588, but the marketing manager claimed that the mean balance for the population was $2700. The marketing manager had the population standard deviation, and it was $47. Use the p-value approach to conduct a full hypothesis test (all steps) that can be used to determine whether the mean of all account balances is significantly different from $2700. Let= .05.

To help you go through the steps of hypothesis testing, follow these prompts:

The null hypothesis is

The alternative hypothesis is

This test is (choose 1: one-tailed / two-tailed) because the last sentence contains the words (choose 1: greater than/ less than / different from).

I will use a (choose 1: t/z) in my formula because

I have calculated the value of t (or z) to be

(Insert your work for calculating t or z)

I have used t (or z) to get the value of p (most likely from a chart or computer printout - provide that printout).

My p value is

Alpha, which is given in the problem, is

When I compared p to alpha, p is (choose 1: greater than/less than) alpha.

Because of this, I know I should (choose 1: reject / fail to reject) my null hypothesis.

Choose one: In summary, the mean balance is different from than $2700 / In summary, the mean balance is NOT different from $2700.