Raul deposited $5,000 into a retirement account with an annual interest rate of 1.8%. He made no deposits or withdrawals for 15
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Answer:
We conclude that the residents of Wilmington, Delaware, have higher income than the national average
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = $44,500
Sample mean, = $52,500
Sample size, n = 16
Alpha, α = 0.05
Sample standard deviation, s = $9,500
a) First, we design the null and the alternate hypothesis
We use one-tailed(right) t test to perform this hypothesis.
c) Formula:
Putting all the values, we have
b) Rejection rule
If the calculated t-statistic is greater than the t-critical value, we fail to accept the null hypothesis and reject it.
Now,
Since,
We fail to accept the null hypothesis and reject it. We accept the alternate hypothesis. We conclude that the residents of Wilmington, Delaware, have higher income than the national average