Bank fees have come under scrutiny lately. Prior to the recession, fees charged by banks for late credit card payments averaged $ 40. A government agency would like to test the hypothesis that these fees now average more than $ 40. After 55 banks were randomly sampled, it was found that the average late fee is $ 45. Assume the population standard deviation for these late fees is $ 15.00. Follow the steps in the previous section to test the government’s claim using alpha = 0.05.
1.Calculate the z test statistic (round to 2 decimal places)

2.Calculate the p-value (round to 3 decimal places)

3.Do you reject or not reject the null hypothesis?

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1 Calculate the ztest statistic The formula for the ztest statistic is z fracbarx musi... View the full answer