If the simple interest on $1,000 for 8 years is $ 480 then what is the interest rate?
1 answer:
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Answer:
The <em>p</em>-value is 0.809.
Step-by-step explanation:
In this case we need to perform a significance test for the standard deviation.
The hypothesis is defined as follows:
<em>H</em>₀: <em>σ</em>₀ = 4 vs. <em>Hₐ</em>: <em>σ</em>₀ ≤ 4
The information provided is:
<em>n</em> = 9
<em>s</em> = 3
Compute the Chi-square test statistic as follows:
The test statistic value is 4.5.
The degrees of freedom is:
df = n - 1
= 9 - 1
= 8
Compute the <em>p</em>-value as follows:
*Use a Chi-square table.
Thus, the <em>p</em>-value is 0.809.