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The mean length of a candy bar is 43 millimeters. There is concern that the settings of the machine cutting the bars have changed. Test the claim at the 0.02 level that there has been no change in the mean length. The alternate hypothesis is that there has been a change. Twelve bars (n = 12) were selected at random and their lengths in millimeters recorded. The lengths (in millimeters) are 42,39,42,45,43,40,39,41,40,42,43,and 42. The mean of the sample is 41.5 and the standard deviation is 1.784. If the computed t = −2.913,has there been a statistically significant change in the mean length of the bars?
Daily Operations
The day-to-day activities necessary for a business to function smoothly, including production, sales, and administrative tasks.
Compensating Balance
A minimum account balance that a borrower is required to maintain with a lender as a condition for a loan, intended to compensate the bank for providing the loan or credit line.
Effective Interest Rate
The actual return on an investment or the actual cost of a loan, taking into account the compounding of interest over time, as opposed to the nominal interest rate.
Short-Term Bank Loan
A loan obtained from a bank that has a short repayment period, typically less than one year.
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