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In: Statistics and Probability

Test the hypothesis that the people will spend less than an average of $125 on gifts....

Test the hypothesis that the people will spend less than an average of $125 on gifts. A random sample of 18 people spent an average of 150 dollars with a standard deviation of $10. Set alpha = 0.01 and use the p-value approach. T0.0115 = 2.5

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