Assume that an investment of $7000 earns an APR of 6% compounded monthly for 18 months.
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Answer:
Step-by-step explanation:
We are given the following in the question:
Manager's claim: The mean guest bill for a weekend is $600 or less.
A member of the hotel’s accounting staff noticed that the total charges for guest bills have been increasing in recent months.
A sample of weekend guest bills were collected to test the manager’s claim.
We design the null and alternate hypothesis in the following manner:
Conclusion when null hypothesis cannot be rejected:
When we fail to reject the null hypothesis and accept the null hypothesis, thus, we have enough evidence to support the manager's claim that the mean guest bill for a weekend is $600 or less.
Conclusion when null hypothesis can be rejected:
When the null hypothesis is rejected, we accept the alternate hypothesis.
Thus, there are not sufficient evidence to support the manager's claim that the mean guest bill for a weekend is $600 or less.