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Vlada [557]
3 years ago
10

5. The length of time between billing dates and checks received and deposited for non-delinquent accounts of an oil company’s mo

nthly credit card customers is 13.5 days with a standard deviation of 3 days. A bank claims if the company used a lockbox system, it could reduce the company’s average time. Thirty-six (36) accounts were randomly selected and tested using the lockbox system. The average time was found to be 13 days. What is your conclusion at the 2.5% level of significance?
Mathematics
1 answer:
julsineya [31]3 years ago
5 0

Answer:

Step-by-step explanation:

Let X be the length of time between billing dates and checks received and deposited for non-delinquent accounts of an oil company’s monthly credit card customers

X has mean 13.5 and sigma 3 days

Sample size = n =36, x bar = 13

H_0: x bar = 13.5\\H_a: x bar

(One tailed test at 0.025 sign. level)

Mean diff = -0.5

Since sigma is known z test can be used

Std error =\frac{\sigma}{\sqrt{n} } =0.5

Z statistic = -0.5/SE= -0.1

p value = 0.920

p>0.025 hence accept null hypothesis.

My conclusion is there is no statistical evidence that lock box reduced the mean time.

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