Assume That a Simple Random Sample Has Been Selected from a Normally

question 13

Essay

Assume that a simple random sample has been selected from a normally distributed population. Find the test statistic, $P$ -value, critical value(s), and state the final conclusion. Test the claim that for the adult population of one town, the mean annual salary is given by $\mu = \$ 30,000$ . Sample data are summarized as $n = 17 , \bar { x } = \$ 22,298$ , and $s = \$ 14,200$ . Use a significance level of $\alpha = 0.05$ .

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Definitions:

Semiannual Interest

Interest that is calculated and paid twice a year on an investment or loan.

Bond Discount

The financial difference that arises when a bond is sold for an amount below its official face value.

Straight-line Method

A technique for determining depreciation or amortization by uniformly distributing the asset’s cost throughout its lifespan.

Unamortized Discount

The portion of a bond discount that has not yet been amortized to interest expense over the bond's life.