In 1930,the Average Size of a Public Restroom Was 172

question 61

Essay

In 1930,the average size of a public restroom was 172 square feet.By 1990,due to federal disability laws,the average size had increased to 471 square feet.Suppose that a design team believes that this standard has increased from the 1990 level.They randomly sample 23 public restrooms in a major midwestern city and obtain a mean square footage of 498.78 with a standard deviation of 46.94.Test the hypotheses at α = .001.

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Definitions:

Simple Interest

A method to calculate interest charges on a loan or investment based on the original amount (principal) and the interest rate, but the interest does not accumulate or compound.

Maturity Value

The total amount that will be received by an investor at the end of a bond's term or a deposit's duration, including both the principal and interest.

Term Deposit

A banking term for a fixed-term investment held at a financial institution where money is locked in for a certain period of time, earning a specified interest rate.

Simple Interest

Interest calculated only on the principal amount, or original sum borrowed or invested, without compounding.