Mary Examined a Random Sample of Friday Withdrawals from a College

question 137

Essay

Mary examined a random sample of Friday withdrawals from a college campus ATM. She hypothesized that the mean was less than $100. The results shown below are from MegaStat. What would Mary conclude from this test? Explain carefully.
Hypothesis Test: Mean vs. Hypothesized Value
$100.000$ $\quad$$\quad$ hypothesized value
$85.882$ $\quad$$\quad$ mean Withdrawal
$85.078$ $\quad$$\quad$ std. dev.
$20.634$ $\quad$$\quad$ std. error
$17$$\quad$$\quad$$\quad$$\quad$ n
16 $\quad$$\quad$$\quad$$\quad$ df
$- 0.68$$\quad$$\quad$$\quad$ t
$.2518$$\quad$$\quad$ p-value (one-tailed, lower)

Grasp the significance of specific acts such as the Magnuson-Moss Act, Dodd-Frank Act, and Gramm-Leach-Bliley Act in consumer law.

Recognize the impact of internet and financial regulations on consumer protection.

Understand the enforcement mechanisms and remedies available under various consumer protection statutes.

Know the requirements for credit reporting and the rights of consumers related to credit information.

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Definitions:

Regression Line

A straight line that best represents the relationship between an independent variable and a dependent variable in linear regression analysis.

Scatterplot

A type of graph used in statistics to display values for typically two variables for a set of data.

Regression Line

A straight line that describes how a response variable y changes as an explanatory variable x changes, in linear regression analysis.

Best-Fitting Line

A line through a scatter plot of data points that best expresses the relationship between those points, often determined by the method of least squares.