In an analysis investigating the usefulness of pennies, the cents portions of 87

Question

In an analysis investigating the usefulness of pennies, the cents portions of 87 randomly selected credit card charges from students are recorded, and they have a mean of 47.6 cents and a standard deviation of 34.1 cents. If the amounts from O cents to 99 cents are all equally likely, the mean is expected to be 49.5 cents and the population standard deviation is expected to be 28.866 cents. Use a 0.025 significance level to test the claim that the sample is from a population with a standard deviation equal to 28.866 cents. Complete parts (a) through (e) below. a. Identify the null and alternative hypotheses. Choose the correct answer below. OA. Hg: = 28.866 cents H4:0> 28.866 cents OC. Ho:8= 28.866 cents H4:* 28.866 cents OB. He: 0228.866 cents HT: 0

Explanation / Answer

a)
option C)
b)
TS = (n-1)s^2/sigma^2
=(87-1)*34.1^2/28.866^2
=120.014
p-value = 0.018

d)
reject Ho
there is sufficient evidence

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