On Monday the price of a company’s stock is $30 per share. On Tuesday, the stock price drops $3, on Wednesday it rises $7, on Th
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Answer:
Step-by-step explanation:
Given that in a rural area, only about 30% of the wells that are drilled find adequate water at a depth of 100 feet or less.
The sample size n = 80
no of wells less than 100 feet deep=27
Sample proportion =
a) Create hypotheses as
(Right tailed test)
p difference
Std error of p =
b) Assumptions: Each trial is independent and np and nq >5
c) Z test can be used.
Z= p diff/std error =
p value = 0.233
d) p value is the probability for which null hypothesis is false.
e) Conclusion: Since p >0.05 we accept null hypothesis
there is no statistical evidence which support the claim that more than 30% are drilled.