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<h3>Answer: Around 4681 grills</h3>
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Explanation:
x = number of years
y = number of grills sold
The equation we'll use is the exponential equation
The 3300 of course is the initial amount sold. The 1.06 as the base indicates that the sales increase by 6% each year. Think of it the 1.06 as 1+0.06 = 100% + 6%
If we plugged x = 0 into that equation, then we get
which helps confirm the correct equation.
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Now plug in x = 6 to find the sales for year 6.
The projected sales for year 6 are about 4681 grills. This is an estimate based on the assumption that the sales will increase by 6% each year. Of course, the reality is that things aren't always so simple like this (but it should give a fairly good idea of what's going on).
Answer:
(a) The p-value is 0.9554
(b) We cannot reject the null hypothesis at the significance level of 0.06
Step-by-step explanation:
We are dealing with a lower-tail alternative . Because the test statistic is z = +1.7 which comes from a normal distribution, the p-value is the probability of getting a value as extreme as the already observed.
(a) P(Z < +1.7) = 0.9554
(b) The p-value is very large, and 0.9554 > 0.06, so, we cannot reject the null hypothesis at the significance level of 0.06