Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Department of Kids states that the cost of raising a child from birth to the age of legal adulthood is $37000. You think
The Department of Kids states that the cost of raising a child from birth to the age of legal adulthood is $37000. You think that the cost is much greater. You take a sample of 150 families and record what their cost of raising their child was. You find that their mean cost was $38602. Assume that you know that the population standard deviation cost for raising a child is $8000. Test the claim at a 5% level of significance. Ho: = 37000 Ha: > 37000 What is the value of your test statistic? (this is your z-score) Round your answer to four decimal places. alo G
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To test the claim we can use a onesample ttest with a twotailed alternative hypothe...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started