Explain how critical value variations influence statistical power.

Statistical power is the likelihood that a test (statistical test) will detect an effect when there is an effect there to be detected. Statistical power is inversely related to the probability of making a Type II error (Type II errors, or false negatives, occur when you don’t see things that are there) = beta.
statistical power = 1 – β. The critical value is the value corresponding to a given significance level.  The statistical power is influenced by the choice of significance level for the test (by the critical value). Larger critical value means increased power of the test:  the chance of obtaining a statistically significant result is increased (reduces the risk of a Type II error (false negative regarding whether an effect exists) is reduced) . 

Answer:

9.9 years

step-by-step explanation:

a = p(1 + rt) . . account balance after time t at rate r starting with principal p

3000 = 2500(1 + 0.0202t) . . filling in the given numbers

1.2 = 1 + 0.0202t . . divide by 2500

0.2 = 0.0202t . . . subtract 1

0.2/0.0202 = t ≈ 9.901

it will take about 9.9 years for the account balance to reach $3000.