Question: Help me correct this practice question. During 2017 a company implemented a number of policies aimed at reducing the ages of its customers' accounts. In



Help me correct this practice question.




During 2017 a company implemented a number of policies aimed at reducing the ages of its customers' accounts. In order to assess the effectiveness of these measures, the company randomly selects 10 customer accounts. The average age of each account is determined for the years 2016 and 2017. These data are given in Table 11.4. Assuming that the population of paired differences between the average ages in 2017 and 2016 is normally distributed: TA 8 L E 1 1.4 AverageAiccountAgesln 2015and 2016 for 10 Randomly Selected Accounts (for Exercise 11.20) 1% AcctAge Average Age of Average Age of Account In 2017 Account In 2016 Account (Days) (Days) 1 27 35 2 19 24 3 40 47 4 30 28 5 33 41 6 25 33 7 31 35 8 29 51 9 15 18 10 21 28 FIG URE 11.10 JMPOutputofaPalred DferenceAnalyslsoftheAccountAgeDam (for Exercise 11.20) Matched Palrs Difference: Average age of account In 2016 (days)-Average age of account In 2017 Average age of account in 2016 (days) 34 t-Ratio 3.61211 Average age of account in 2017 27 DP 9 Mean Difference 7 Prob > Itl 0.0056* Std Error 1.93793 Prob > t 0.0028' Upper 95% 113839 Prob > it} Tell me LEI v A v E % v I: :I Conditional Formatting v |:| v '3 v Q E Format as Table v " Clipboard Alignment Number Cells Editing Analyze Q Cell Styles v Data Average Account Ages in 2015 and 2016 for 10 Randomly Selected Accounts Average Account. es in 2015 and 2016 for 10 Randomly Selected Accounts 2 Average age of Average age of account in 2017 account in 2016 3 Account (days) (days) 4 1 27 35 5 2 19 24 6 3 40 47 7 4 30 28 B 5 33 41 9 6 25 33 10 7 31 35 11 8 29 51 12 9 15 18 13 10 21 28 14 15 16 1? 16 19 20 21 22 23 24 25 26 27 28 (c) Figure 11.10 gives the p-value for testing the hypotheses of part a. Use the p-value to test these hypotheses by setting a equal to .10, 05, .01, and .001. How much evidence is there that the mean average account age has been reduced? (Round your answer to 4 decimal places.) p-value = 0.0028 Reject HO at a = 0.1 X Strong X evidence (d) Calculate a 95 percent confidence interval for the mean difference in the average account ages between 2016 and 2017. Estimate the minimum reduction in the mean average account ages from 2016 to 2017. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Confidence interval = 2.62 11.38 ] days Minimum reduction = 7.00 X days
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