The total interest paid on a 3-year loan at 9% interest compounded monthly is $1505.82 determine the monthly payment for the
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Answer:
C) more than the absolute value of the critical value, we can conclude that the average monthly rate for an assisted-living facility is not equal to $3,300.
Step-by-step explanation:
Hello!
Interest hypothesizes is " the average monthly rate for one-bedroom assisted-living facility is equal to $3300" symbolically: μ = 3300
The study variable is:
X: Monthly rate for a one-bedroom assisted-living facility.
Since there is no information about the distribution of the variable, to be able to study the population mean, I'll assume that the variable has a normal distribution.
The hypothesis is:
H₀: μ = 3300
H₁: μ ≠ 3300
α: 0.05
The statistic to use, considering that there is no known population information and the sample size, is a Student t:
t= <u> X[bar] - μ </u> ~
S/√n
n= 12
X[bar]= $3690
S= $530
Using the sample data, calculate the statistic value:
t= <u> 3690 - 3300 </u> = 2.549
530/√12
The rejection region for this test is two-tailed, with critical values:
The decision rule is:
Reject the null hypothesis if t ≤ -2.201 or if t ≥ 2.201
Not reject the null hypothesis if -2.201 < t < 2.201
Since the calculated value (2.549) is greater than the right critical value (2.201) the decision is to reject the null hypothesis.
With a signification level of 5%, there is enough evidence to reject the null hypothesis. This means that the population mean of the monthly rate for a one-bedroom assisted living facility is different from $3300.
I hope it helps!
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Answer:
D
Step-by-step explanation:
The leading term is of odd degree and negative coefficient. The odd degree tells you the end behaviors will have opposite signs. The negative coefficient tells you the left end behavior will be positive, and the right end behavior will be negative.
