Test Hypotheses About a Population Mean with Known Using P-Values $3.9$

question 99

Short Answer

Test Hypotheses about a Population Mean with Known Using P-values
-A bank claims that the mean waiting time in line is less than $3.9$ minutes. A random sample of 60 customers has a mean of $3.8$ minutes with a standard deviation of $0.6$ minute. If $\alpha = 0.05$ , test the bank's claim using $\mathrm { P }$ -values.

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Definitions:

Discount on Bonds Payable

The difference between the face value of a bond and its selling price when the bond is sold for less than its face value.

Face Value

The nominal or dollar value printed on a financial instrument, such as a bond or stock certificate, representing its value at issuance.

Journal Entry

A record in accounting that shows a business transaction and its effects on the company's accounts.

Contractual Interest Rate

The agreed-upon rate of interest to be paid on a loan, as stated in the loan contract.