Test Hypotheses About a Population Mean with Known Using Confidence $\$ 192$

question 90

Short Answer

Test Hypotheses about a Population Mean with Known Using Confidence Intervals
-A group of 40 homeowners showed that their average monthly gasoline bill was $\$ 192$ with a standard deviation of $\$ 8$ . According to a national consumer group, their mean bill should be $\mu = \$ 188$ . Test this hypothesis by constructing a $95 \%$ confidence interval for the population mean.

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Definitions:

Long-Term Debt Rate

The interest rate applied to loans or borrowings with a maturity date extending beyond one year.

Minimum Operating Lease Payments

The minimum amount that a lessee is obligated to pay over the lease term for the right to use an underlying asset, excluding costs such as maintenance and taxes that are paid by the lessee.

Sales-Type Lease

A lease agreement in which the lessor recognizes immediate profit on the leased asset, as if it were sold, typically used in capital leasing.

Operating Lease

A contract allowing the use of an asset without transferring ownership rights, typically with shorter terms than a finance lease.