You estimate that your new business's revenue will grow at a compounded rate of 30% each month for the first 6 months. If your t
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Answer:
If we compare the p value and using the significance level given we have
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and we can said that at 5% or 1% of significance we fail to reject the null hypothesis.
Step-by-step explanation:
It's important to refresh the p value method or p value approach . "This method is about determining "likely" or "unlikely" by determining the probability assuming the null hypothesis were true of observing a more extreme test statistic in the direction of the alternative hypothesis than the one observed". Or in other words is just a method to have an statistical decision to fail to reject or reject the null hypothesis.
The significance level is not provided but we can assume it as . First we need to calculate the degrees of freedom like this:
The next step would be calculate the p value for this test. Since is a bilateral test or two tailed test, the p value would be:
If we compare the p value and using the significance level given we have
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and we can said that at 5% or 1% of significance we fail to reject the null hypothesis.