Question: Work through this hypothesis test using the prompts: A sample of 17 account balances of credit company showed a mean of customer balance of $4,450,
Work through this hypothesis test using the prompts: A sample of 17 account balances of credit company showed a mean of customer balance of $4,450, but the marketing manager claimed that the mean valance for the population was $4,325. The marketing manager did NOT have the population standard deviation, but the sample standard deviation was found to be $500. Use the p-value approach to conduct a full hypothesis test (all steps) that can be used to determine whether the mean of all account balances is significantly different from $4,325. Let a= .05
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
