Calculate the amount of money you will have in the following account after 5 years, assuming that you earn simple interest.
1 answer:
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Answer:
The p value for this case would be given by:
For this case since the p value is higher than the significance level we have enough evidence to FAIL to reject the null hypothesis and we can conclude that the true mean is not significantly different from 31.3 MPG
Step-by-step explanation:
Information given
represent the sample mean
represent the population standard deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
z would represent the statistic
represent the p value
Hypothesis to test
We want to test if the true mean is equal to 31.3 MPG, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
Since we know the population deviation, the statistic is given by
(1)
Replacing we got:
The p value for this case would be given by:
For this case since the p value is higher than the significance level we have enough evidence to FAIL to reject the null hypothesis and we can conclude that the true mean is not significantly different from 31.3 MPG