Which of the following questions describes the equation 4n=-24?
2 answers:
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Answer:
We conclude that the mean commute time in the U.S. is less than half an hour.
Step-by-step explanation:
We are given that a random sample of 500 people from the 2000 U.S. Census is selected who reported a non-zero commute time.
In this sample the mean commute time is 27.6 minutes with a standard deviation of 19.6 minutes.
Let = <u><em>mean commute time in the U.S..</em></u>
So, Null Hypothesis, :
30 minutes {means that the mean commute time in the U.S. is more than or equal to half an hour}
Alternate Hypothesis, :
< 30 minutes {means that the mean commute time in the U.S. is less than half an hour}
The test statistics that would be used here <u>One-sample t-test statistics</u> as we don't know about population standard deviation;
T.S. = ~
where, = sample mean commute time = 27.6 minutes
s = sample standard deviation = 19.6 minutes
n = sample of people from the 2000 U.S. Census = 500
So, <u><em>the test statistics</em></u> = ~
= -2.738
The value of t test statistic is -2.738.
Since, in the question we are not given with the level of significance so we assume it to be 5%. <u>Now, at 5% significance level the t table gives critical values of -1.645 at 499 degree of freedom for left-tailed test.</u>
Since our test statistic is less than the critical value of t as -2.378 < -1.645, so we have sufficient evidence to reject our null hypothesis as it will fall in the rejection region due to which <u>we reject our null hypothesis.</u>
Therefore, we conclude that the mean commute time in the U.S. is less than half an hour.
The face value of the largest 20-year term policy which Maria can buy without spending more than $300 annually is $158,000.
<h3>What is face value?</h3>Face is the term used in finance, is used for the amount which has to be paid to the policyholder at the time of maturity.
Maria, age 28, wants to pay no more than $300 a year in life insurance.
The period for this policy is 20-year term.
Annual life insurance premium (per 1,000 dollars of face value) for age 28.
- A 10-year term for female is 1.28,
- A 15 year term for female is 1.54,
- A 20 year term for female is 1.89,
- A whole life for female is 9.46.
For the 20 year term for female is 1.89 and annular premium is $300. Thus, the face value is,
Thus, the face value of the largest 20-year term policy which Maria can buy without spending more than $300 annually is $158,000.
Learn more about the face value here;