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In: Statistics and Probability

According to Moebs services, the average cost of an individual checking account to mojor U.S banks...

According to Moebs services, the average cost of an individual checking account to mojor U.S banks was 380 dollars. A bank consultant wants to determine whether the current mean cost was more than 380 dollars a year. A recent random sample of 150 such checking accounts produced a mean of 390 dollars. Assume that the standard deviation is 60 dollars for the annual cost.

Find the p-value for this test of hypothesis.Based on this p-value, would you reject the null hypothesis if the maximum probability of Type 1 error is to be .05? What if the maximum probability of Type 1 error is to be .01?

Test the hypothesis of part using the critical value approach and alpha =.05. Would you reject the null hypothesis? what if alpha =0

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orchestra answered 2 years ago
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