Suppose a Consumer Product Researcher Wanted to Find Out Whether $$\bar { x } = 415 \text { pages, } s = 30 \text { pages }$$

question 46

Essay

Suppose a consumer product researcher wanted to find out whether a printer ink cartridgelasted longer than the manufacturer's claim that their ink cartridges could print 400 pages.The researcher tested 40 ink cartridges and recorded the number of pages that wereprinted before the ink started to fade. Test the hypothesis that the ink cartridges lasted formore than 400 pages. Following are the summary statistics:
$$\bar { x } = 415 \text { pages, } s = 30 \text { pages }$$ Be sure to report the null and alternative hypothesis, test statistic, p-value, your decisionregarding the null hypothesis, and your conclusion about the original claim. Round allvalues to the nearest thousandth.

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Definitions:

Present Value

The current value of a future sum of money or stream of cash flows given a specific rate of return.

Interest Rate

The percentage of a sum of money charged for its use, typically by a bank or financial institution on loans or savings.

Market Rate of Interest

The prevailing interest rate available in the marketplace on loans and deposits, determined by the demand and supply of credit.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, used in evaluating investment opportunities.