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The loan manager for State Bank and Trust has claimed that the mean loan balance on outstanding loans at the bank is over $14,500.To test this at a significance level of 0.05,a random sample of n = 100 loan accounts is selected.Assuming that the population standard deviation is known to be $3,000,the value of that corresponds to the critical value is approximately $14,993.50.
Public Property
Public property refers to assets or resources owned by the government or community as a whole, accessible and utilized by the general public.
Monetary System
A structured system for creating, managing, and distributing money in an economy.
Barter Economy
An economic system in which goods and services are exchanged directly for other goods and services without the use of money.
Efficient Price
A market condition where prices reflect all available information and resources are allocated to their most valuable use.
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