Y5

You may need to use the appropriate appendix table or technology to answer this question.

A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $24,000. A random sample of 9 households showed the following results.

$26,000

$22,000

$25,000

$24,000

$23,000

$26,000

$26,000

$21,000

$23,000

Assume the population of incomes is normally distributed.

(a)

Compute the sample mean and the standard deviation (in $). (Round your standard deviation to the nearest cent.)

mean$ standard deviation$

(b)

State the hypotheses (in $) for this problem. (Enter != for as needed.)

H₀:

H_a:

(c)

Compute the test statistic.

(d)

At a 0.05 level of significance using the p-value approach, what is your conclusion?

Find the p-value.