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A Sample of 81 Account Balances of a Credit Company α\alpha

question 76

Essay

A sample of 81 account balances of a credit company showed an average balance of $1,200 with a standard deviation of $126.
a.Formulate the hypotheses that can be used to determine whether the mean of all account balances is significantly different from $1,150.
b.Compute the test statistic.
c.Using the p-value approach, what is your conclusion? Let α\alpha = .05.


Definitions:

Associative Relation

A connection or link between two concepts or entities where one is reminded of the other.

Levels Of Involvement

The different degrees of interest and concern that consumers show towards a product or a buying decision, ranging from high to low.

Strength Of Commitment

The degree of dedication or loyalty an individual has towards a cause, activity, or relationship.

Attitude Object

Any entity, whether a person, product, social group, or concept, towards which an individual holds a specific attitude.

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