Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client

Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population mean service rating.

Consultant A Consultant B
= 16 = 10
= 6.82 = 6.25
= 0.58 = 0.7
  1. State the null and alternative hypotheses. H0: 1 - 2 Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 1 Ha: 1 - 2 Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 2
  2. Compute the value of the test statistic (to 2 decimals).
  3. What is the p-value? Use Excel. The p-value is Selectless than .005between .005 and .01between .01 and .025between .025 and .05between .05 and .10between .10 and .20greater than .20Item 4
  4. What is your conclusion? SelectThe consultant with more experience has a higher population mean ratingCannot conclude the consultant with more experience has a higher ratingItem 5

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

Step: 3

blur-text-image

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

Financial Markets And Institutions

Authors: Jeff Madura

10th Edition

1285531507, 9781285531502

More Books

Students also viewed these Finance questions

Question

Explain how to reward individual and team performance.

Answered: 1 week ago