Answer:
The P-value for this test is P=0.2415.
Step-by-step explanation:
We have to perform an hypothesis testing on the mean of alla account balances.
The claim is that the mean of all account balances is significantly greater than $1,150.
Then, the null and alternative hypothesis are:
The sample size is n=20, with a sample mean is 110 and standard deviation is 125.
We can calculate the t-statistic as:
The degrees of freedom fot this test are:
For this one-tailed test and 19 degrees of freedom, the P-value is: