To better assess your willingness-to-pay for advertising on others websites, you want to learn the mean

prot per visit for all visits to your website. To accomplish this, you have collected a random sample of

23 visits to your website over the past six months. This sample includes information on visit duration

and prots. The data is shown below.

a. Using the data in webprofits.xlsx, build a 99% condence interval for the mean prot per visit

for all of your visitors.

b. Let the null hypothesis be that mean prot per visit for all of your visitors is $11.50.

i. Calculate the corresponding t-statistic for this null hypothesis.

ii. Calculate the corresponding p-value for this null hypothesis.

iii. With strength of 95%, decide whether or not to reject this null hypothesis.

iv. Detail the reasoning behind your decision.

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