You put $500 in your bank account. With an interest rate of 5%, how long will it take the account to reach $600? Use the formula
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Answer:
We conclude that the population mean is 24.
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = 24
Sample mean, = 22.8
Sample size, n = 100
Alpha, α = 0.05
Sample standard deviation, s = 8.3
First, we design the null and the alternate hypothesis
We use Two-tailed z test to perform this hypothesis.
Formula:
Putting all the values, we have
We calculate the p-value with the help of standard z table.
P-value = 0.1498
Since the p-value is greater than the significance level, we accept the null hypothesis. The population mean is 24.
Now,
Since, the z-statistic lies in the acceptance region which is from -1.96 to +1.96, we accept the null hypothesis and conclude that the population mean is 24.