James saved money regularly this year. He saved a
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Answer:
Yes, there is sufficient evidence to support the claim that the mean cost is $1.
Step-by-step explanation:
Data Given:
The population standard deviation = $0.2
The sample mean cost = $0.93
The sample size n = 12
From above we can use the Z-test for testing the mean from the above given data.
To check whether the mean cost of newspaper is $1.00
:
= $1
:
$1
The test statistics Z =
Z =
Z = -1.212
The P-value = 2P (Z< - 1.212)
= 2 × 0.1128
= 0.2256
Since the value of P is more than the significance level; do not reject the
Conclusion: We therefore conclude that there is sufficient evidence to support the claim that the mean cost is $1.