Financial algebra: Karen wants to make a deposit of $500 each week into an account that earns %5 interest compounded weekly(52 w
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Answer:
There is no sufficient evidence to support the claim that the bags are underfilled
Step-by-step explanation:
We are given;
n = 27 bags
Sample mean;X = 402 gram
Population mean;μ = 404 gram
Variance = 676
We know that, standard deviation(σ) = √variance
Thus;
σ = √676
σ = 26
The hypotheses are;
Null hypothesis; H0: μ = 404
Alternative hypothesis; HA: μ < 404
Let's find the z-score from the formula;
z = (X - μ)/(√σ/n)
z = (402 - 404)/√(26/27)
z = -2.04
From the z-distribution table attached, we have a p-value of 0.02068
This is less than the significance value of 0.01 and thus we will reject the null hypothesis and conclude that there is no sufficient evidence to support the claim that the bags are underfilled
