Blake looks at his checking account balance regularly. His three lowest balance during the year are as given. - $20 < -$12<
2 answers:
You might be interested in
Answer:
b. 2.333
Step-by-step explanation:
Test if the mean transaction time exceeds 60 seconds.
At the null hypothesis, we test if the mean transaction time is of 60 seconds, that is:
At the alternate hypothesis, we test if it exceeds, that is:
The test statistic is:
In which X is the sample mean, is the value tested at the null hypothesis, s is the standard deviation of the sample and n is the size of the sample.
60 is tested at the null hypothesis:
This means that
A sample of 16 ATM transactions shows a mean transaction time of 67 seconds with a standard deviation of 12 seconds.
This means that
Value of the test statistic:
Thus, the correct answer is given by option b.