Mathematics, 19.06.2020 08:57 nicog94
ATM's must be stocked with enough cash to satisfy customers making withdrawals over an entire weekend. But if too much cash is unnecessarily keep in the ATM's the bank is forgoing the opportunity of investing the money and earning interest. Suppose that at a particular branch, the population mean amount of money withdrawn from ATM's per customer transaction over the weekend is $160 with a population standard deviation of $30.
a) If a random sample of 36 customer transactions indicates that the sample mean withdrawal amount is $172 is there evidence to believe that the population mean withdrawal amount is no longer $160? (use a two-tailed test with 0.05 level of significance, show null hypothesis, alternative hypothesis and test statistic).
b) Using a proper table report the p-value and interpret its meaning
c) Given above answer, which type of error could you be making?
d) What is your answer in b) if you use a 0.01 level of significance (show test statistic)
e) What is your answer in b) if the standard deviation is $24 (use a =0.05) Show test statistic
Answers: 1
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