You have just been approved for a 30 year 5.5% fixed home mortgage. The monthly payment that you qualify for is $532.10.
2 answers:
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Answer:
Test statistic Z= 1.713
The calculated Z- value = 1.7130 < 2.576 at 0.01 level of significance
Null hypothesis is accepted
There is no difference between the mean annual salary of all lawyers in a city is different from $110,000
Step-by-step explanation:
<u><em>Step(i):-</em></u>
A researcher wants to test if the mean annual salary of all lawyers in a city is
different from $110,000
Mean of the Population μ = $110,000
Sample size 'n' = 53
Mean of the sample x⁻ = $114,000.
standard deviation of the Population = $17,000,
Level of significance = 0.01
Null hypothesis :
There is no difference between the mean annual salary of all lawyers in a city is different from $110,000
H₀: x⁻ = μ
Alternative Hypothesis : x⁻ ≠ μ
<u><em>Step(ii)</em></u>:-
Test statistic
Z = 1.7130
Tabulated value Z = 2.576 at 0.01 level of significance
The calculated Z- value = 1.7130 < 2.576 at 0.01 level of significance
Null hypothesis is accepted
There is no difference between the mean annual salary of all lawyers in a city is different from $110,000
