The store buys a helmet for $19.00 and sells it for $31.50. What percentage was the markup?
2 answers:
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<h2>Answer with explanation:</h2>
Let be the population mean.
By considering the given information , we have
Null hypothesis :
Alternative hypothesis :
Since alternative hypothesis is right-tailed , so the test is a right-tailed test.
Given : Sample size : n=16 , which is a small sample , so we use t-test.
Sample mean: ;
Standard deviation:
Test statistic for population mean:
i.e.
Using the standard normal distribution table of t , we have
Critical value for :
Since , the absolute value of t (2.333) is smaller than the critical value of t (2.602) , it means we do not have sufficient evidence to reject the null hypothesis.
Hence, we conclude that we do not have enough evidence to support the claim that answering questions while studying produce significantly higher exam scores.