After 1 year, $600 deposited in a savings account with simple interest had earned $84 in interest. What was the interest rate?
1 answer:
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Answer:
a) Since the p value is higher than the significance level we have enough evidence to FAIL to reject the null hypothesis and we can conclude that the true mean is not significantly different from 7539
b)
The degrees of freedom are given by:
The p value is given by:
c)
d) For this case since the confidence interval contains the value of 7539 we don't have enough evidence to reject the null hypothesis at the significance level given of 5%. same conclusion using the hypothesis test and with the confidence interval
Step-by-step explanation:
Part a and b
Data given
represent the sample mean
represent the population standard deviation
sample size
represent the value to test
t would represent the statistic
represent the p value
Hypothesis to verify
We want to verify if the mean life is different from 7539 hours, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
The statistic for this case would be given by:
(1)
Replacing the info given we got:
The degrees of freedom are given by:
The p value is given by:
Since the p value is higher than the significance level we have enough evidence to FAIL to reject the null hypothesis and we can conclude that the true mean is not significantly different from 7539
Part c
The confidence interval for the mean is given by the following formula:
(1)
We can find the critical value using the confidence level given of 95% and using the t distribution with 48 degrees of freedom we got
Now we have everything in order to replace into formula (1):
Part d
For this case since the confidence interval contains the value of 7539 we don't have enough evidence to reject the null hypothesis at the significance level given of 5%. same conclusion using the hypothesis test and with the confidence interval