Hourly Fees A Random Sample of 15 Hourly Fees for Car Washers

question 50

Essay

Hourly Fees
A random sample of 15 hourly fees for car washers (including tips)was drawn from a normal population.The sample mean and sample standard deviation were = $14.9 and s = $6.75. ​ ​
-{Hourly Fees Narrative} Can we infer at the 5% significance level that the mean fee for car washers (including tips)is greater than 12?

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Definitions:

Ordinary Annuity

A series of equal payments made at equal intervals of time, commonly used in calculations of loan repayments or future savings, where interest compounding occurs at the end of each period.

Expressed

Clearly communicated or made known in words, actions, or symbols.

Years

Units of time equal to 365 days, or 366 in a leap year, used to measure durations and ages.

Months

Periods into which a year is divided, each consisting of roughly 30 to 31 days, except for February which has 28 or 29 days.