Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

RELER You may need to use the appropriate appendix table or technology to answer this question A sample of 64 account balances from a credit

image text in transcribed
image text in transcribed
RELER You may need to use the appropriate appendix table or technology to answer this question A sample of 64 account balances from a credit company showed an average daily balance of 1,115. The standard deviation of the population is known to be $160. We are interested in determining the mean of account balances e, population mean is significantly different from $1,100 (a) Develop the appropriate hypotheses (in dollars) for this problem. (Enter for as needed) th) Compute the test statistic Computeteve (Round your answer to four decimal places.) D-value (d) using the value approach and 0.05, test the above hypotheses. What is your conclusion Do not reject There is neident evidence to condude that the mean of all account balance is maderent from $1,100 O Relect He There is insufficient evidence to conclude that the mean of account balances is so rent from 1.100 Do not reject. There is suident evidence to conclude that the mean of all account balances scantly different from $1,100 Reject There is sufficient evidence to conclude that the mean of all account balances issigandy ferent from $1,100 (e) Using the car aut approach and 0.05, test the hypotheses Determine the critical value(s) for this test (Round your answers to two decimal places. If the test one-wed, enter NONE for the used tail) test states (0) Using the p-value approach and 0.05, test the above hypotheses. What is your conclusion? Do not reject Hy There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Reject There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100, O Do not reject Ho. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. O Reject H, There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. (e) Using the critical value approach and 0.05, test the hypotheses Determine the critical value(s) for this text. (Round your answerts) to two tecimal places. If the test is one-tailed, enter None for the unused tall) test statistics test statistic What is your conclusion? Do not reject There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100 O Reject No. There is insufficient evidence to conclude that the mean of all account balances is significantly different from $1,100 Do not reject He There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100. Reject H. There is sufficient evidence to conclude that the mean of all account balances is significantly different from $1,100

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

Managerial Accounting The Cornerstone Of Business Decision-making, , (6 Months)

Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

7th Edition

1337115924, 9781337115926

More Books

Students also viewed these Accounting questions