Question: The accounts of a corporation show that on average accounts
The accounts of a corporation show that, on average, accounts payable are $125.32. An auditor checked a random sample of 16 of these accounts. The sample mean was $131.78 and the sample standard deviation was $25.41. Assume that the population distribution is normal. Test at the 5% significance level against a two-sided alternative the null hypothesis that the population mean is $125.32.
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