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Individuals filing federal income tax returns prior to March 31 received an average refund of $1,051. Consider the population of last minute thers who

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Individuals filing federal income tax returns prior to March 31 received an average refund of $1,051. Consider the population of "last minute thers who mal their tax retum during the last five days of the income tax perled (typically April 10 to April 15). (e) A researcher suggests that a reason individuals wait until the last five days is that an average these individuals receive lower refunds than do sarly lers Develop appropriate frypotheses such that rejection of He will support the researcher's contention OM-$1,05 $1,051 No>$1,051 $1,051 Ho$1,051 OH $1,051 $1,051 OH $1,051 $1,051 (6) for a sample of 400 individhals who find a tax return between Apr 10 and 15, the sample mean refund was 1910 Based on prior experience, a population standard deviation of a $1.400 may be What is the test statistic? (Round your answer to two decimal places.) What is the p-value? (Round your answer to four decimal places) (0) At 0.05, what is your conclu Do not reject He There is sufficient evidence to conclude that the mean refund of "last mode" filers is bess than $1,051 Do not reject There is insufficient evidence to conclude that the mean refund of "last minute ters is less or equal than $1,051. Reject. There is sufficient evidence to conclude that the mean refund of "last minde" en is los than $1,051 O Reject There is mufficient evidence to conclude that the mean refund of "last minute" ers is less than or qu $1,051 (d) Repeat the preceding hypothesis test using the critical value approach. State the null and alternative hypotheses OHH $1,051 H$1,051 Ho> $1,051 $1,051 Oo $1,051 H>$1,051 Ho> $1,051 $1,051 OH $1,051 $1,051 Find the value of the test statistic. (Round your answer to two decimal places.) State the critical values for the rejection rule. (Use a 0.05. Round your answer to two decimal places. If the test is one tailed, enter NONE for the unused tail.) test statistics test statistic State your conclusion Do not reject There is sufficient evidence to conclude that the mean refund of "last minute" filers is less than $1,051 Do not reject Ho There is insufficient evidence to conclude that the mean refund of "last minute" filers is less or equal than $1,051. O Reject: There is sufficient evidence to conclude that the mean refund of "last minute" Mers is less than $1,051. O Reject H. There is insufficient evidence to conclude that the mean refund of "last minute" filers is less than or equal $1,051.

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