Answer:
t Subscript alpha divided by 2 = 2.921
Step-by-step explanation:
With sample sizes lower than 30, we use the t-test.
Otherwise, we use the z-test.
Here, n = 17
So we use the t-test.
The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So
df = 17 - 1 = 16
Now, we have to find a value of T, which is found looking at the t table, with 16 degrees of freedom(y-axis) and a confidence level of 0.99(
). So we have T = 2.921
So the correct answer is:
t Subscript alpha divided by 2 = 2.921
3
Step-by-step explanation:
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$6662.50
4.75% = $237.50
$237.50 x 7 = $1662.50
$5000 + $1662.50 = $6662.50
Answer = $6,662.50