Kaylee opened an account with a deposit of $800. The bank pays 4% annual simple interest on this account. Kaylee makes no additi
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Answer:
a) Null hypothesis:
Alternative hypothesis:
b)
And the distribution for the random sample is given by:
c)
d) If we compare the p value and the significance level assumed we see that
so we can conclude that we have enough evidence to reject the null hypothesis, so we can conclude that the true mean is significantly higher than 30.2.
e) The p-value is the probability of obtaining the observed results of a test, assuming that the null hypothesis is correct. And for this case is a value to accept or reject the null hypothesis.
Step-by-step explanation:
1) Data given and notation
represent the sample mean
represent the sample standard deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
a. Define the parameter and state the hypotheses.
We need to conduct a hypothesis in order to check if the mean is higher than 30.2 mpg, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
If we analyze the size for the sample is > 30 but we don't know the population deviation so is better apply a t test to compare the actual mean to the reference value, and the statistic is given by:
(1)
t-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".
b. Define the sampling distribution (mean and standard deviation).
Let X the random variable who represent the variable of interest. And we know that the distribution for X is:
And the distribution for the random sample is given by:
c. Perform the test and calculate P-value
Calculate the statistic
We can replace in formula (1) the info given like this:
P-value
The first step is calculate the degrees of freedom, on this case:
Since is a one right tailed test the p value would be:
d. State your conclusion.
If we compare the p value and the significance level assumed we see that
so we can conclude that we have enough evidence to reject the null hypothesis, so we can conclude that the true mean is significantly higher than 30.2.
e. Explain what the p-value means in this context.
The p-value is the probability of obtaining the observed results of a test, assuming that the null hypothesis is correct. And for this case is a value to accept or reject the null hypothesis.