A water tank holds 18000 gallons. How long will it take for the water level to reach 6000 gallons if the water is used at an ave
1 answer:
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Answer:
We conclude that the residents of Wilmington, Delaware, have higher income than the national average
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = $44,500
Sample mean, = $52,500
Sample size, n = 16
Alpha, α = 0.05
Sample standard deviation, s = $9,500
a) First, we design the null and the alternate hypothesis
We use one-tailed(right) t test to perform this hypothesis.
c) Formula:
Putting all the values, we have
b) Rejection rule
If the calculated t-statistic is greater than the t-critical value, we fail to accept the null hypothesis and reject it.
Now,
Since,
We fail to accept the null hypothesis and reject it. We accept the alternate hypothesis. We conclude that the residents of Wilmington, Delaware, have higher income than the national average
Step-by-step explanation:
Let's look at what we know. We know that...
P=2000
r=0.04 (Change 4% to a decimal)
t=7 (25 years minus 18 years equals 7)
n=1
Since we are compounding each year, we need to use this equation:
Now just plug the numbers in: (Answer to #1:)
This equals 2631.86
When we round, this equals to $2,632. (Answer to #2).