THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 59

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
An airline is considering changing the color scheme of its planes' interiors.A focus group of 220 people was asked which color scheme they preferred.Of those who expressed a preference,87 preferred the new color scheme,while 121 preferred the old.
-The manager of the return desk at a local department store records the dollar value of 25 randomly-selected returns.The data are presented below

Is there sufficient evidence to reject the null hypothesis that the median return is $60 against a one-sided alternative that the median is above 60?

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Definitions:

Interest Rate

The percentage at which interest is charged or paid for the use of money, often expressed annually.

Investment Options

Various financial assets or vehicles in which individuals or entities can invest money with the expectation of achieving a return.

Rule Of 70

A rule estimating the number of years required to double an investment or population at a particular annual growth rate, calculated by dividing 70 by that growth rate.

Interest Rate

The financial charge for borrowing resources, represented as a percentage of the initial loan amount.