An analyst collected data from 25 randomly selected transactions and found the p

Question

An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in S). The mean is $25.94 and the standard deviation is $14.73. The analyst wants to know if the mean purchase amount of all transactions is at least $19. Use the given information to complete parts a through e. 22.46 39.99 48.12 40.78 23.84 7.65 12.76 17.32 4.15 14.53 47.66 9.89 37.11 47.12 16.85 45.84 24.44 44.25 24.32 5.19 7.74 29.75 22.34 17.73 36.76 c) What is the value of the test statistic? The test statistic is 2.36 Round to two decimal places as needed.) d) What is the P-value of the test statistic? P-value 0.0091 Round to four decimal places as needed.)

Explanation / Answer

Degrees of freedom df = n -1 = 25 - 1 = 24

T value = 2.36

use test statistics value = 2.36 and df = 24 to calculate p value.

p value = 0.0134

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