Which is the better by 3 pounds for $8.31 or 5 pounds for $12.95 explain
1 answer:
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Answer:
a) 0.4770
b) 3.9945
c) z-statistics seem a large value
Step-by-step explanation:
<u>a. Find the standard deviation of the sample proportion based on the null hypothesis</u>
Based on the null hypothesis:
: 0.35
and the standard deviation σ = =
≈0.4770
<u>b. Find the z statistic</u>
z-statistic is calculated as follows:
z= where
- X is the proportion of employees in the survey who take advantage of the Credit Union (
)
is the proportion in null hypothesis (0.35)
- s is the standard deviation (0.4770)
- N is the sample size (300)
putting the numbers in the formula:
z= = 3.9945
<u>c. Does the z statistic seem like a particularly large or small value?</u>
z-statistics seem a large value, which will cause us to reject the null hypothesis.