Suppose a heat exchanger costs $1200 and reduces the heating bill by $200 per year what is the payback time?
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Answer:
<em>Test statistic </em>
<em> </em>
t = <em>1.076</em>
Step-by-step explanation:
<u><em>Step(i):-</em></u>
Given Mean of the Population (μ) = 8.0
<em>Mean of the sample (x⁻) = 8.25</em>
Given data
8,9,9,8,8,9,8,7
Given sample size n= 8
Given sample standard deviation(S) = 0.661
<u><em>Step(ii):-</em></u>
<em>Null hypothesis : H: (μ) = 8.0</em>
<em>Alternative Hypothesis :H:(μ) > 8.0</em>
<em>Degrees of freedom = n-1 = 8-1=7</em>
<em>Test statistic </em>
<em> </em><em></em>
<em> </em><em></em>
<em> t = 1.076</em>
<em>Critical value </em>
<em> t₍₇,₀.₀₅₎ = 2.3646</em>
<em>The calculated value t = 1.076 < 2.3646 at 0.05 level of significance</em>
<em>Null hypothesis is accepted</em>
<em>Test the hypothesis that the true mean quiz score is 8.0 against the alternative that it is not greater than 8.0</em>
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