Question: A local bank claims that it takes no more than
A local bank claims that it takes no more than 1.5 working days on average to approve loan requests. Examination of the bank's records for 64 randomly selected loan requests produced a sample mean of 1.8 working days. Assume that the standard deviation for the number of days to approve loan requests is 2.0 days, and that the population data are approximately normally distributed. On the basis of the sample result, does it appear that the bank's claim under states the average amount of time to approve loan requests?
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