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The distribution of the cost of a new vehicle is normally distributed. The population mean of the new vehicle is $3,500. A local dealership believes
The distribution of the cost of a new vehicle is normally distributed. The population mean of the new vehicle is $3,500. A local dealership believes that the cost of a new vehicle is different from $23,000. Suppose there are 150 vehicles at local car dealership and the mean cost of the new vehicle at the dealership is $23,780.use this information to test the hypothesis that the mean cost of the new vehicle is different from $23,000 at a .01 level of significance A. Set up the Appropriate hypothesis B. Set up the formula for the test statistic and find the value of the test statistics rounded to two decimal places C. Find the p value rounded two four decimal places D. Is there evidence using the p value that the cost of a new vehicle is different from $23,000
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