Answer:
Yes, There is significant difference.
Step-by-step explanation:
Null Hypothesis , H0 : Mean income = 15000
Alternate Hypothesis , H1 : Mean income ≠ 15000
t = (x - u) / ( s / √n)
x = sample mean = 14500 here, u = population mean = 15000 here , s = standard deviation = 975 here , n = sample size
t = (14500 - 15000) / (975 / √169)
-500 / 75 = - 6.66
As calculated t value in absolute terms is > 1.96 , ie tabulated value at 95% significance level (two sided). So we reject the null hypothesis in favor of alternate hypothesis. Hence, we state that 'Mean Income ≠ 15000'
Take the regular price, multiply it by .2, subtract that off of the regular price. What it means is 20% of the regular price is taken away from the regular price.
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