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In: Statistics and Probability

A study by a bank compared the mean savings of customers who were depositors for three...

A study by a bank compared the mean savings of customers who were depositors for three years or less, with those who had been depositors for more than three years. The results of a sample are:

Depositors 3 years or less, sample size=100, mean saving balance=$1200, Population standard variation=$100

Depositors more than 3 years, sample size=150, mean saving balance=$1250, Population standard variation=$250

At the 0.10 significance level, can we conclude that those who had been depositing for more than three years carry higher balances than those who had been depositing three years or less? What is the p-value? Complete steps below.  

A. State the null hypothesis and the alternate hypothesis.

B. State the level of significance.

C. State the test statistic.

D. Formulate the decision rule.

E. Make a decision. Please show your work.

F. Determine the p-value (please show your work); Interpret the result of the hypothesis test.

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orchestra answered 2 years ago
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