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The state insurance commissioner believes that the mean automobile insurance claim filed in her state exceeds $1,700.To test this claim,the agency has selected a random sample of 20 claims and found a sample mean equal to $1,733 and a sample standard deviation equal to $400.They plan to conduct the test using a 0.05 significance level.Given this,the appropriate null and alternative hypotheses are
H0 : ≤ $1,700
HA : > $1,700
Customer Amounts
Sums of money owed by customers to a business, typically arising from the purchase of goods or services on credit.
Merchandise Purchases
The total cost incurred by a merchandising company to buy goods for resale during a period.
Beginning Inventory
The inventory on hand at the start of an accounting period, before any purchases or production have been added.
Desired Ending Inventory
The inventory level that a company aims to have at the end of a period to meet forecasted sales and to provide a buffer for uncertainties.
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