ths is interested in the average number of months that it takes customers to pay off their account debt. He claims that the average number of months it takes is less than four. He takes a sample of fifty customers and records the number of months it takes each customer to pay off his debt. The sample delivers a mean of 3.0 and a standard deviation of 3
A financial analyst of Woolworths is interested in the average number of months that it takes customers to pay off their account debt. He claims that the average number of months it takes is less than four. He takes a sample of fifty customers and records the number of months it takes each customer to pay off his debt. The sample delivers a mean of 3.0 and a standard deviation of 3.40. Use α=0.01 to test the hypothesis.
Suppose the test statistic has a value -2.08. Calculate the p-value for the hypothesis for this given value of the test statistic
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