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A sample of 60 account balances of a credit company showed an average balance of $1151. The sample standard deviation was $112. You want to determine if the mean of all account balances is significantly different from $1120. Use a 0.01 level of significance. Choose the t-statistic and the appropriate conclusion.
Group of answer choices
t = 2.144 ; fail to reject the null hypothesis
t = 2.019 ; fail to reject the null hypothesis
t = 2.019 ; reject the null hypothesis
t = 2.144 ; reject the null hypothesis
Find the p value also and explain how to get it.



Answer :

The t-statistic for this hypothesis test is 2.019 and the appropriate conclusion is that we fail to reject the null hypothesis.

To find the p-value, we can use the t-distribution calculator and enter in the degrees of freedom (df = 59), the t-statistic (t = 2.019), and the significance level (alpha = 0.01). The resulting p-value is 0.055, which is greater than the significance level of 0.01. Therefore, we are unable to reject the null hypothesis.

The formula for the t-statistic can be used to calculate the t-statistic for this hypothesis test:

t = (1151 - 1120) / (112 / √60)

t = 2.019

Therefore, the t-statistic for this hypothesis test is 2.019 and the appropriate conclusion is that we fail to reject the null hypothesis.

Learn more about null hypothesis here

https://brainly.com/question/28920252

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