Arandom sample of 100 observations from a quantitative population produced a sample mean of 22.8 and a sample standard deviation of 8.3.

use the p-value approach to determine whether the population mean is different from 24.

explain your conclusions. (use α = 0.05.)

state the null and alternative hypotheses. h0: μ = 24 versus ha: μ ≠ 24 h0: μ = 24 versus ha: μ > 24 h0: μ ≠ 24 versus ha: μ = 24 h0: μ = 24 versus ha: μ < 24 h0: μ < 24 versus ha: μ > 24

find the test statistic and the p-value. (round your test statistic to two decimal places and your p-value to four decimal places.) z = p-value = state your conclusion.

We conclude that the population mean is 24.

Step-by-step explanation:

We are given the following in the question:

Population mean, μ = 24

Sample mean, = 22.8

Sample size, n = 100

Alpha, α = 0.05

Sample standard deviation, s = 8.3

First, we design the null and the alternate hypothesis

We use Two-tailed z test to perform this hypothesis.

Formula:

Putting all the values, we have

We calculate the p-value with the help of standard z table.

P-value = 0.1498

Since the p-value is greater than the significance level, we accept the null hypothesis. The population mean is 24.

Now,

Since,  the z-statistic lies in the acceptance region which is from -1.96 to +1.96, we accept the null hypothesis and conclude that the population mean is 24.

correct answer:

i^31 = -i

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.