Test the Claim About the Population Mean $\mu$ At the Level of Significance α

question 34

Essay

Test the claim about the population mean $\mu$ at the level of significance α $\alpha$ . Assume the population is normally
distributed. $\text { Claim } \mu = 24 ; \alpha = 0.01 \text {. Sample statistics: } \overline { \mathrm { x } } = 25.2 , \mathrm {~s} = 2.2 , \mathrm { n } = 12$

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Definitions:

Standard Deviation

A statistical measure of the dispersion or spread in a set of data, indicating how much variation exists from the average.

Index Fund

A type of mutual fund or exchange-traded fund (ETF) designed to replicate the performance of a specific benchmark index.

PHStat

A software program that enhances Microsoft Excel with the capability to perform statistical analysis.

Variance

A measure of the dispersion of a set of data points around their mean, indicating how spread out the data points are.