1. A sample of 30 account balances of a credit company showed an average balance of...

1. A sample of 30 account balances of a credit company showed an average balance of $1,187 and a standard deviation of $129. You want to determine if the mean of all account balances is significantly greater than $1,150. Use a 0.05 level of significance. Assume the population of account balances is normally distributed.

Compute the test statistic.

2. A sample of 60 account balances of a credit company showed an average balance of $1,165 and a standard deviation of $125. You want to determine if the mean of all account balances is significantly greater than $1,150. Assume the population of account balances is normally distributed.

Compute the p-value for this test.

3. A sample of 28 account balances of a credit company was taken to test whether the mean of all account balances is significantly greaterthan $1,150. Using the sample standard deviation, the test statistic (t) was calculated to be $1.72. We use a 0.05 level of significance. Assume the population of account balances is normally distributed and the population standard deviation is unknown to us.

We conclude that the mean of all account balances is significantly greater than $1,150. (Enter 1 if the conclusion is correct. Enter 0 if the conclusion is wrong.)

Expert Solution

orchestra answered 1 year ago

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