Convert 41 degrees Fahrenheit to degrees Celsius
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Step-by-step explanation<em>: </em>
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The first partner will receive $52950, the second partner will receive $35300, the third partner will receive $88250.
Step-by-step explanation:
The profits in the business are to be shared by the three partners in the ratio of 3 to 2 to 5, in that order.
That is:
3 : 2 : 5
The profit for the year was $176,500.
To find the number of dollars that each partner, we have to first find the total ratio and then divide each of the ratios by the total ratio and multiply by the profit.
The total ratio is:
3 + 2 + 5 = 10
The first partner will receive 3/10 of the profits:
= $52950
The second partner will receive 2/10 of the profits:
= $35300
The third partner will receive 5/10 of the profits:
= $88250
The first partner will receive $52950, the second partner will receive $35300, the third partner will receive $88250.
Using hypothesis test, we conclude that there is evidence to believe that the average household income has increased.
According to the question,
The average household income for a recent year (x₁⁻) = $30,000
The average household income for a recent year (x₂⁻) = $24,500
sample sizes n₁ = n₂ = 34
standard deviation of both samples were $24,500. Thus, s₁ = s₂ = $5928.
Null hypothesis: There is no evidence to believe that the average household income has increased.
H₀ : μ₁ ≤ μ₂
Alternative hypothesis: There is evidence to believe that the average household income has increased.
H₁: μ₁ > μ₂
To check hypothesis we have the formula
Standard error=
=
= 1437.7512
Thus, standard error is $1437.7512.
Formula for test statistic = [(x₁⁻ - x₂⁻) - (μ₁ - μ₂)]/standard error
= [(30000 - 24500) - 0]/1437.7512
= 3.8254
The critical value of z at 5% level of significance is 1.6449.
Here, the calculated value is greater than the critical value so we reject H₀.
Hence using hypothesis test, we conclude that there is evidence to believe that the average household income has increased.
Learn more about hypothesis test here
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