Questions
Great Games Company operates miniature golf courses throughout southern Arizona. On July 1, 2016, Great Games’...

Great Games Company operates miniature golf courses throughout southern Arizona. On July 1, 2016, Great Games’ balance sheet showed (all dollar figures in thousands):


Cash $40 -- Accounts Payable $50 -- Credit Card Receivables 25 -- Accruals Payable 0 -- Golf Supplies 35 -- Long-term Notes Payable 0 -- Office Equipment (net) 45 -- Common Stock 65 -- Retained Earnings 30

Draft the journal Entry and Balance Sheet

During July the following events occurred to Great Games:
a) Collected $20 cash on credit card receivables due from customers.
b) Paid $27 on accounts payable that had come due.
c) Deposited in the bank $30 of rental fees earned from customers.
d) Customer rental fees of $64 were accepted on credit cards; credit card receipts were
submitted to Trusty Bank. Cash collection from bank is expected in August.
e) Bought $2 of golf supplies (balls) on an account to be paid in August.
f) Paid employee wages of $15.
g) Received a $3 electricity bill in July; this bill will be paid in August.
h) Paid rent for July, $9.
i) Bought office equipment costing $20. Paid $5 now and signed a note payable for
the remainder, due on December 30, 2018.
j) The note payable incurred $1 of interest during July; interest is to be paid in December.
k) Signed a contract for $7 for billboard advertising to be shown during August.
Payment will not be made until after the advertisements have been displayed.
l) Trusty Bank notified Great Games that it had collected $33 of credit card receipts.
m) Declared a cash dividend of $5 to shareholders who founded the company. Payment
will be made in December, 2016.
n) Counted $24 of golf supplies remaining at the end of July.
o) Great Games received $30 for additional stock issued to friends of the founders.
p) Estimated income taxes of $21 for July 2016. These will be paid next March 2017.

In: Accounting

Great Games Company operates miniature golf courses throughout southern Arizona. On July 1, 2016, Great Games’...

Great Games Company operates miniature golf courses throughout southern Arizona. On July 1, 2016, Great Games’ balance sheet showed (all dollar figures in thousands):

Cash $40 -- Accounts Payable $50 -- Credit Card Receivables 25 -- Accruals Payable 0 -- Golf Supplies 35 -- Long-term Notes Payable 0 -- Office Equipment (net) 45 -- Common Stock 65 -- Retained Earnings 30

Draft the Journal Entry

During July the following events occurred to Great Games:
a) Collected $20 cash on credit card receivables due from customers.
b) Paid $27 on accounts payable that had come due.
c) Deposited in the bank $30 of rental fees earned from customers.
d) Customer rental fees of $64 were accepted on credit cards; credit card receipts were
submitted to Trusty Bank. Cash collection from bank is expected in August.
e) Bought $2 of golf supplies (balls) on an account to be paid in August.
f) Paid employee wages of $15.
g) Received a $3 electricity bill in July; this bill will be paid in August.
h) Paid rent for July, $9.
i) Bought office equipment costing $20. Paid $5 now and signed a note payable for
the remainder, due on December 30, 2018.
j) The note payable incurred $1 of interest during July; interest is to be paid in December.
k) Signed a contract for $7 for billboard advertising to be shown during August.
Payment will not be made until after the advertisements have been displayed.
l) Trusty Bank notified Great Games that it had collected $33 of credit card receipts.
m) Declared a cash dividend of $5 to shareholders who founded the company. Payment
will be made in December, 2016.
n) Counted $24 of golf supplies remaining at the end of July.
o) Great Games received $30 for additional stock issued to friends of the founders.
p) Estimated income taxes of $21 for July 2016. These will be paid next March 2017.

In: Accounting

How to do a value stream map (VSM) of the customer ordering process for the X-opoly...

How to do a value stream map (VSM) of the customer ordering process for the X-opoly scenario?

X-Opoly, Inc., was founded by two first-year college students to produce a knockoff real estate board game similar to the popular Parker Brothers; game Monopoly®. Initially, the partners started the company just to produce a board game based on popular local landmarks in their small college town, as a way to help pay for their college expenses. However, the game was a big success and because they enjoyed running their own business, they decided to pursue the business full-time after graduation.

X-Opoly has grown rapidly over the last couple of years, designing and producing custom real estate trading games for universities, municipalities, chambers of commerce, and lately even some businesses. Orders range from a couple of hundred games to an occasional order for several thousand. This year X-Opoly expects to sell 50,000 units and projects that its sales will grow 25 percent annually for the next five years.

X-Opoly’s orders are either for a new game board that has not been produced before, or repeat orders for a game that was previously produced. If the order is for a new game, the client first meets with a graphic designer from X-Opoly’s art department and the actual game board is designed. The design of the board can take anywhere from a few hours to several weeks, depending on how much the client has thought about the game before the meeting. All design work is done on personal computers.

After the client approves the design, a copy of the computer file containing the design is transferred electronically to the printing department. Workers in the printing department load the file onto their own personal computers and print out the board design on special decals, 19.25 inches by 19.25 inches, using high-quality color inkjet printers. The side of the decal that is printed on is usually light gray, and the other side contains an adhesive that is covered by a removable backing.

The printing department is also responsible for printing the property cards, game cards, and money. The money is printed on colored-paper using standard laser printers. Ten copies of a particular denomination are printed on each 8.5-inch by 11-inch piece of paper. The money is then moved to the cutting department, where it is cut into individual bills. The property cards and game cards are produced similarly, the major difference being that they are printed on material resembling posterboard.

In addition to cutting the money, game cards, and property cards, the cutting department also cuts the cardboard that serves as the substrate for the actual game board. The game board consists of two boards created by cutting a single 19-inch by 19.25-inch piece of cardboard in half, yielding two boards each measuring 19.25 inches by 9.5 inches. After being cut, game boards, money, and cards are stored in totes in a work-in-process area and delivered to the appropriate station on the assembly line as needed.

Because of its explosive growth, X-Opoly’s assembly line was never formally planned. It simply evolved into the 19 stations shown in the following table.

Station

Task(s) Performed at Station

Time to Perform Task

1

Get box bottom and place plastic money tray in box bottom. Take two dice from bin and place in box bottom in area not taken up by tray

10 seconds

2

Count out 35 plastic houses and place in box bottom

35 seconds

3

Count out 15 plastic hotels and place in box bottom.

15 seconds

4

Take one game piece from each of eight bins and place them in box bottom.

15 seconds

5

Take one property card from each of 28 bins. Place rubber bank around property cards and place cards in box bottom.

40 seconds

6

Take one orange card from each of 15 bins. Place rubber band around cards and place cards in box bottom.

20 seconds

7

Take one yellow card from each of 15 bins. Take orange cards from box and remove rubber band. Place yellow cards on top of orange cards. Place rubber band around yellow and orange cards and place card in box bottom.

35 seconds

8

Count out 25 $500 bills and attach to cardboard strip with rubber band. Place money in box bottom.

30 seconds

9

Count out 25 $100 bills. Take $500 bills from box bottom and remove rubber band. Place $100 bills on top of $500 bills. Attach rubber band around money and place in box bottom.

40 seconds

10

Count out 25 $50 bills. Take $500 and $100 bills from box bottom and remove rubber band. Place $50 bills on top. Attach rubber band around money and place in box bottom.

40 seconds

11

Count out 50 $20 bills. Take money in box and remove rubber band. Place $20 bills on top. Attach rubber band around money and place in box bottom.

55 seconds

12

Count out 40 $10 bills. Take money in box and remove rubber band. Place $10 bills on top. Attach rubber band around money and place in box bottom.

45 seconds

13

Count 40 $5 bills. Take money in box and remove rubber band. Place $5 bills on top. Attach rubber band around money and place in box bottom.

45 seconds

14

Count out 40 $1 bills. Take money in box and remove rubber bank. Place $1 bills on top. Attach rubber band around money and place in box bottom.

45 seconds

15

Take money and remove rubber band. Shrink-wrap money and place back in box bottom.

20 seconds

16

Take houses, hotels, dice, and game pieces and place in bag. Seal bag and place bag in box.

30 seconds

17

Place two cardboard game board halves in fixture so that they are separated by ¼ in. Peel backing off of printed game board decal. Align decal over board halves and lower it down. Remove board from fixture and flip it over. Attach solid blue backing decal. Flip game board over again and fold blue backing over front of game board, creating a ¼-in. border. Fold game board in half and place in box covering money tray, game pieces, and cards.

90 seconds

18

Place game instructions in box. Place box top on box bottom. Shrink-wrap entire box.

30 seconds

19

Place completed box in carton.

10 seconds

In: Advanced Math

I need the output of the code like this in java First we create a new...

I need the output of the code like this in java

First we create a new building
and display the result:

This building has no apartments.

Press enter to continue.........................

Now we add some apartments to the building
and display the result:

This building has the following apartments:

Unit 1 3 Bedroom
Rent $450 per month
Currently unavailable

Unit 2 2 Bedroom
Rent $400 per month
Currently available

Unit 3 4 Bedroom
Rent $1000 per month
Currently unavailable

Unit 4 1 Bedroom
Rent $500 per month
Currently unavailable

Unit 5 5 Bedroom
Rent $10000 per month
Currently available

Press enter to continue.........................

Now we try to add another apartment to the building
Cannot add another apartment the building is full.

Now we create a new building and add some apartments
then we collect the rent from all the occupied apartments
The total rent collected was: $2500

Finally we use the getUnits method to get a copy of the 3rd unit
from the building and change its rent to $10then we display
the building again to show that the apartment has not changed.

This building has the following apartments:

Unit 1 3 Bedroom
Rent $450 per month
Currently unavailable

Unit 2 2 Bedroom
Rent $400 per month
Currently available

Unit 3 4 Bedroom
Rent $1000 per month
Currently unavailable

Unit 4 1 Bedroom
Rent $500 per month
Currently unavailable

Unit 5 5 Bedroom
Rent $10000 per month
Currently available

Unit 6 3 Bedroom
Rent $550 per month
Currently unavailable

Press enter to end the program...................

and now I have to make a new class Building.java to show output like this given above and given below is the main java file

package lab06;

import properties.Building;
import properties.Apartment;
import util1228.Utilities;

//Tests the class Building

public class Lab06Driver {
    public static void main(String[] args) {
        
        //testing constructor and toString
        System.out.println("\nFirst we create a new building");
        Building b=new Building(5);
        System.out.println("and display the result:\n");
        System.out.printf("%s\n\n", b);
        Utilities.pause("Press enter to continue.........................");

        //testing addUnit
        System.out.println("\nNow we add some apartments to the building");
        b.addUnit(new Apartment(1,3,450,true));
        b.addUnit(new Apartment(2,2,400,false));
        b.addUnit(new Apartment(3,4,1000,true));
        b.addUnit(new Apartment(4,1,500,true));
        b.addUnit(new Apartment(5,5,10000,false));     
        System.out.println("and display the result:\n");
        System.out.printf("%s\n", b);
        Utilities.pause("Press enter to continue.........................");

        System.out.println("\nNow we try to add another "
                + "apartment to the building");
        b.addUnit(new Apartment(6,3,550,true));
        
        
        
        //testing collectRent
        System.out.println("\nNow we create a new building "
                + "and add some apartments");
        b=new Building(10);
        b.addUnit(new Apartment(1,3,450,true));
        b.addUnit(new Apartment(2,2,400,false));
        b.addUnit(new Apartment(3,4,1000,true));
        b.addUnit(new Apartment(4,1,500,true));
        b.addUnit(new Apartment(5,5,10000,false)); 
        b.addUnit(new Apartment(6,3,550,true));
        System.out.println("then we collect the rent from "
                + "all the occupied apartments");
        System.out.println("The total rent collected was: $"+b.collectRent());
        
        //testing getUnits
        System.out.print("\nFinally we use the getUnits method to get a copy "
                + "of the 3rd unit \nfrom the building and change its rent to "
                + "$10");
        b.getUnits()[2].setRent(10);
        System.out.println("then we display \nthe building again to show that "
                + "the apartment has not changed.\n");
        System.out.printf("%s\n", b);
        Utilities.pause("Press enter to end the program...................");
    }
}

In: Computer Science

THE MBA DECISION Ben Bates graduated from college six years ago with a finance undergraduate degree....

THE MBA DECISION

Ben Bates graduated from college six years ago with a finance undergraduate degree. Since graduation, he has been employed in the finance department at East Coast Yachts. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither schools will allow its students to work while enrolled in its MBA program.

Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $65,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program.

The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $70,000 , payable at the beginning of each school year. Books and other supplies are estimated to cost $3,000 per year. Ben expects that after graduation from Wilton, he will receive a job offer for about $110,000 per year , with a $20,000 signing bonus. The salary at this job will increase at 4 percent per year. Because of the higher salary, his average income tax rate will increase to 31 percent.

The Bradley School of Business at Mount Perry College began its MBA program 16 years ago. The Bradley School is smaller and less well known than the Ritter College. Bradley offers an accelerated, one-year program, with a tuition cost of $85,000 , to be paid upon matriculation. Books and other sup- plies for the program are expected to cost $4,500. Ben thinks that after graduation from Mount Perry, he will receive an offer of $92,000 per year , with a $18,000 signing bonus The salary at this job will increase at 3.5 percent per year. His average income tax rate at this level of income will be 29 percent.

Both schools offer a health insurance plan that will cost $3,000 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $2,000 more per year at both schools than his current expenses, payable at the beginning of each year. The appropriate discount rate is 6.3 percent.

1. How does Ben’s age affect his decision to get an MBA?

2. What other, perhaps non-quantifiable factors, affect Ben’s decision to get an MBA?

3. Assuming all salaries are paid at the end of each year, what is the best option for Ben—from a strictly financial standpoint?

4. Ben believes that the appropriate analysis is to calculate the future value of each option. How would you evaluate this statement?

5. What initial salary would Ben need to receive to make him indifferent between attending Wilton University and staying in his current position?

6. Suppose that instead of being able to pay cash for his MBA, Ben must borrow the money. The current borrowing rate is 5.4 percent. How would this affect his decision to get an MBA?

In: Finance

June 1 The owner opened a bank account for the business with a deposit of $35,000....

June 1 The owner opened a bank account for the business with a deposit of $35,000. This is capital provided by him.
1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $35,000 and computer equipment for the shop from Computer Wizards for $5,000. These were paid for with a loan of $36,000 from the bank and cheque for $4,000 from the business bank account. The bank loan is repayable over 4 years.
2 Paid $4,680 for a 1-year insurance policy covering fire, theft, and public liability.
2 Paid $1,190 to Local Newspapers for advertising for the shop for the month.
5 Purchased inventory (skateboards and protective gear) from Excitement Plus for $22,000 on terms on net 30.
7 Purchased surfboards and wetsuits from Surf Imports for $22,000 on terms of 10/10, n/30.
8 Credit sale to Serious Fun of skateboards and protective gear for $5,300 (cost of sales $2,300). This customer was given terms of 5/10, n/30.
8 Cash sale of a skateboard and protective gear for $530 (cost of sales $300).
11 Cash purchase of postage stamps and stationery from Australia Post for $100.
12 Credit sale to Surfing World of various inventory items for $7,980 (cost of sales $4,100). Terms net 30.
12 Returned some protective gear to Excitement Plus that was faulty and received an adjustment note (credit note) from them for $150.
13 Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount.
14 Paid Surf Imports the amount owing to them less the prompt payment discount.
17 Credit sale to Academy Diving School of 15 wetsuits at a discounted price of $360 each on terms of net 15. Cost of sales $4,500.
23 Paid Excitement Plus $4,500 of the amount owing to them.
24 Issued an adjustment note (credit note) to Academy Diving School for 1 wetsuit at $360 each that was not the size they required. The cost of the wetsuit to us was $300 and it was put back into inventory.
24 Purchased wetsuits from Surf Imports for $9,500 on terms of 10/10, n/30.
25 Credit sale to Serious Fun of skateboards for $8,500 (cost of sales $4,300). Terms 5/10, n/30.
27 Received and banked a cheque from Academy Diving School for the amount owing by them.
30 A repayment of $900 was made on the bank loan.
30 The owner cashed a cheque for $570 to pay wages to Scott Walker the sales assistant of $600 less PAYG Withholding of $30.
a. Depreciation on shop equipment for the month is 15% p.a. prime cost (straight line).
b. One-twelfth of the insurance expired.
c. Superannuation payable for the month is 10% of the gross wages paid.
d. Interest charged on the bank loan for the month was $154.

The transactions above have been journalised and posted. The statement or profit or loss for June is below.

Skate 'n' Surf
Statement of profit or loss
for the period 1 June to 30 June 20XX
Revenue
  Sales revenue
    Sales revenue 27,710
    Less: Sales returns and allowances 360
         Net sales revenue 27,350
  Less: Cost of sales 15,200
Gross profit 12,150
  Other revenue:
    Discount received 2,200
14,350
Expenses
    Advertising expense 1,190
    Depreciation expense 500
    Discount allowed 265
    Insurance expense 390
    Interest expense 154
    Postage and stationery expense 100
    Superannuation exepnse 57
    Wages expense 600
Total expenses 3,256
Net profit/(loss) $11,094

a) Journalise end-of-year closing entries

b) Post end-of-year closing entries and complete the closing process in the general ledger

In: Accounting

Question 1) For safety reasons, 4 different alarm systems were installed in the vault containing the...

Question 1)

For safety reasons, 4 different alarm systems were installed in the vault containing the safety deposit boxes at a Beverly Hills bank. Each of the 4 systems detects theft with a probability of 0.82 independently of the others.

The bank, obviously, is interested in the probability that when a theft occurs, at least one of the 4 systems will detect it. What is the probability that when a theft occurs, at least one of the 4 systems will detect it?

Your answer should be rounded to 5 decimal places.

__________________________________________________________________________

Question 2

According to the information that comes with a certain prescription drug, when taking this drug, there is a 15% chance of experiencing nausea (N) and a 46% chance of experiencing decreased sexual drive (D). The information also states that there is a 10% chance of experiencing both side effects.

What is the probability of experiencing neither of the side effects?

Your answer should be to two decimal places.

_____________________________________________________________________________________________________________

Question 3

According to the information that comes with a certain prescription drug, when taking this drug, there is a 18% chance of experiencing nausea (N) and a 50% chance of experiencing decreased sexual drive (D). The information also states that there is a 11% chance of experiencing both side effects.

What is the probability of experiencing nausea or a decrease in sexual drive?

Your answer should be rounded to 2 decimal places.

______________________________________________________________________________________________

Question 4

An engineering school reports that 55% of its students are male (M), 39% of its students are between the ages of 18 and 20 (A), and that 34% are both male and between the ages of 18 and 20.

What is the probability of a random student being chosen who is a female and is not between the ages of 18 and 20?

Your answer should be to two decimal places.

_________________________________________________________________________________

Question 5

An engineering school reports that 53% of its students were male (M), 36% of its students were between the ages of 18 and 20 (A), and that 28% were both male and between the ages of 18 and 20.

What is the probability of choosing a random student who is a female or between the ages of 18 and 20? Assume P(F) = P(not M).

Your answer should be given to two decimal places.

______________________________________________________________________________________

Question 6

An engineering school reports that 54% of its students were male (M), 39% of its students were between the ages of 18 and 20 (A), and that 25% were both male and between the ages of 18 and 20.

What is the probability of a random student being male or between the ages of 18 and 20?

Your answer should be rounded to two decimal places.

_______________________________________________________________________________________________

Question 7

Let A and B be two independent events such that P(A) = 0.14 and P(B) = 0.76.

What is P(A or B)?

Your answer should be given to 4 decimal places.

_____________________________________________________________________________

Question 8

Let A and B be two independent events such that P(A) = 0.3 and P(B) = 0.6.

What is P(A and B)?

Your answer should be given to 2 decimal places.

_______________________________________

Question 9

Let A and B be two disjoint events such that P(A) = 0.24 and P(B) = 0.33.

What is P(A and B)?

____________________________________________________

Question 10

Let A and B be two disjoint events such that P(A) = 0.08 and P(B) = 0.54.

What is P(A or B)

__________________________________________________

Question 11

The following probabilities are based on data collected from U.S. adults. Individuals are placed into a weight category based on weight, height, gender and age.

Underweight

Healthy Weight

Overweight (not Obese)

Obese

Probability

0.021

0.377

0.359

0.243

Based on this data, what is the probability that a randomly selected U.S. adult weighs more than the healthy weight range?

Your answer should be given to 3 decimal places.

_______________________________________________________________________

Question 12

The probabilities for the amount that can be won on a lottery game are given in the table below. Find the missing probability X.

Amount($)

0

1

2

3

>3

Probability

0.52

0.27

X

0.04

0.01

X =

____________________________________________________

In: Statistics and Probability

Like again, I told you my name is Tynesha. I got a lot of stuff to...

Like again, I told you my name is Tynesha. I got a lot of stuff to say about me, but you know, I don't know if you're going to be really interested or not. But I know I need to come here. I need something. I got two kids. My dude is at home. He's back again. He left. He comes back. He's in and out. He won't work. And I just want him there for the kids. I don't, I don't know how he sit around all day playing video games and not really helping me. I'm in nursing school. I'm trying to get my degree. My grades ain't what they supposed to be. They could be better, but they ain't because of him. He's always fussing. I can't even get my homework done. I can't get nothing done. And then everybody on me, you know, I got to work. I got to have all the money for the house. I got to take care of the kids. I got to leave work to take them to their appointments. And how much of that are they going to take before they fire me? I don't know. My friends, they help me. But they tired. They're getting tired of helping me because they say what's the point? Why is he there? He's there, and he ain't doing nothing. And you just keep taking him back, but then you ask us for our help. And I don't blame them. I know why they mad. Because they know I could do better. I'm going to nursing school. I was getting good grades. I was on the Dean's list every semester. And now here I am almost flunking. That ain't me. That ain't me. I can't keep doing this. I want my kids to have stuff. I want them to see better. I don't want them to grow up like I did in the projects or in these community apartments and watching people get shot or selling drugs. I want stuff for my family. That ain't what I want. I got to do something though because the kids, they're starting to act out at school. The teacher's calling me. They fighting with other kids. And I know what it is. You know, I know what it is. But I don't want all them people in my business. You know, but pretty soon I told him they going to be calling CSB that child protective thing or something, and then I'm going to be in trouble. Now what if they take my kids? I can't keep doing this. I can't. >> After seeing Tynesha and haring her story, prepare a response to her using three specific listening skills. These are psycho-education or information giving, self-disclosure, and immediacy. Questions: 1. Think about what you know about Tynesha's family, including her children and her partner. What additional information might be helpful? 2. What are some of the challenges involved in gathering information about family relationships when you are only speaking to one individual? 3. How could you adapt the genogram to working with a single client? What would be missing? Think beyond the simple lack of others' views and consider the dynamics. 4. At what point might you want to consider involving Tynesha's partner in counseling?


read information and answer questions below

In: Psychology

The manufacturer of a new racecar engine claims that the proportion of engine failures due to...

The manufacturer of a new racecar engine claims that the proportion of engine failures due to overheating for this new engine, (p1)(p1), will be no higher than the proportion of engine failures due to overheating of the old engines, (p2)(p2). To test this statement, NASCAR took a random sample of 135135 of the new racecar engines and 175175 of the old engines. They found that 1414 of the new racecar engines and 88 of the old engines failed due to overheating during the test. Does NASCAR have enough evidence to reject the manufacturer's claim about the new racecar engine? Use a significance level of α=0.01α=0.01 for the test.

Step 5 of 6 :

Find the P-value for the hypothesis test. Round your answer to four decimal places.

In: Statistics and Probability

A systems analyst tests a new algorithm designed to work faster than the currently-used algorithm. Each...

A systems analyst tests a new algorithm designed to work faster than the currently-used algorithm. Each algorithm is applied to a group of 52 sample problems. The new algorithm completes the sample problems with a mean time of 16.34 hours. The current algorithm completes the sample problems with a mean time of 16.93 hours. The standard deviation is found to be 3.913 hours for the new algorithm, and 3.6243.624 hours for the current algorithm. Conduct a hypothesis test at the 0.01 level of significance of the claim that the new algorithm has a lower mean completion time than the current algorithm. Let μ1μ1 be the true mean completion time for the new algorithm and μ2 be the true mean completion time for the current algorithm.

do we reject or do we fail to reject?

In: Statistics and Probability