In: Statistics and Probability
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