TABLE 9-5 A Bank Tests the Null Hypothesis That the Mean Age

question 45

True/False

TABLE 9-5
A bank tests the null hypothesis that the mean age of the bank's mortgage holders is less than or equal to 45 years, versus an alternative that the mean age is greater than 45 years. They take a sample and calculate a p-value of 0.0202.
-Referring to Table 9-5, the bank can conclude that the mean age is greater than 45 at a significance level of α = 0.01.

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Definitions:

Applying Rules

The process of utilizing predetermined guidelines or procedural methods in various situations or contexts.

Using Analogies

The practice of explaining a concept or idea by comparing it to something else that is more familiar or simpler to understand.

Critical Thinking

The intellectual process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and evaluating information to reach an answer or conclusion.

Evaluating Evidence

The process of critically analyzing and assessing the reliability, validity, and relevance of information or data.