Use the Following to Answer the Question(s) Below

question 32

Multiple Choice

Use the following to answer the question(s) below.
A sample of 30-year fixed mortgage rates at 12 randomly chosen credit unions yields a mean rate of 6.65 % and a sample standard deviation of 0.39%. A sample of 30-year fixed mortgage rates at 16 randomly selected banks yields a mean rate of 7.05% and a sample standard deviation of 0.22%. Are the mean rates different between credit unions and banks? Relevant output is shown below.
-At the 0.05 level of significance, the correct conclusion is

• A) reject the alternative hypothesis.
• B) fail to reject the null hypothesis.
• C) evidence suggests that there is no significant difference in mean mortgage rates between credit unions and banks.
• D) reject the null hypothesis; evidence suggests that there is a significant difference in mean mortgage rates between credit unions and banks.
• E) fail to reject the null hypothesis; evidence suggests that the mortgage rates at credit unions are lower than at banks, on average.

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Definitions:

Cash Over

A situation where the physical cash on hand exceeds the expected amount based on accounting records.

Cash Short

A situation that occurs when the actual cash received is less than the amount expected or recorded, often reflecting errors or theft.

Cash Over

A situation where the amount of cash on hand is more than the expected amount, indicating a discrepancy in transactions.

Auxiliary Petty Cash Record

A detailed documentation or log used to track petty cash expenses and replenishments separate from the main cash records.