The Federal Bureau of Investigation (FBI) compiles information on robbery and property crimes by type and selected characteristic and publishes its findings in Population-at-Risk Rates and Selected Crime Indicators. According to that document, the mean value lost to purse snatching was $417 in 2004. For last year, 12 randomly selected purse-snatching offenses yielded the following values lost, to the nearest dollar.
Use a t-test to decide, at the 5% significance level, whether last year's mean value lost to purse snatching has decreased from the 2004 mean. The mean and standard deviation of the data are $404.0 and $86.8, respectively.
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