An Entrepreneur Is Considering the Purchase of a Coin-Operated Laundry

question 167

Multiple Choice

An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past five years, the mean daily revenue was $675 with a population standard deviation of $75. A sample of 30 days reveals a daily mean revenue of $625. If you were to test the null hypothesis that the daily mean revenue was $675 and decide not to reject the null hypothesis, what can you conclude?

• A) There is not enough evidence to conclude that the daily mean revenue was $675.
• B) There is not enough evidence to conclude that the daily mean revenue was not $675.
• C) There is enough evidence to conclude that the daily mean revenue was $675.
• D) There is enough evidence to conclude that the daily mean revenue was not $675.

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Definitions:

Intelligence Quotient

A numerical measure of a person's intelligence relative to the population, typically derived from standardized tests.

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Numerical outcomes derived from aptitude tests, designed to measure individuals' potential to succeed in a certain activity or to learn certain skills.

Educational Program

A structured set of learning experiences or activities designed to achieve educational objectives or outcomes.

Posthumously Acquitted

A legal declaration that reverses a convicted individual's criminal status after their death.