Paul has $2,400 in a savings account earning 3.4% simple interest. How much more interest would he earn in 5 years if the intere
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Given,
and
Now,
Answer:
Test statistic = 1.3471
P-value = 0.1993
Accept the null hypothesis.
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = 4
Sample mean, = 4.8
Sample size, n = 15
Alpha, α = 0.05
Sample standard deviation, s = 2.3
First, we design the null and the alternate hypothesis
We use two-tailed t test to perform this hypothesis.
Formula:
Putting all the values, we have
Now, we calculate the p-value.
P-value = 0.1993
Since the p-value is greater than the significance level, we fail to reject the null hypothesis and accept it.