A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below....

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Extracted text: A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below. Test the local bank's claim. Use the information given below. Use a significance level of .05 and assume the variances are equal. Sample statistics for a local bank and a competitor's bank Local Bank Competitor Bank Sample size n1 = 46 n2 = 50 Average waiting time in minutes for each sample X, = 2.3 mins. X2 = 2.6 Sample Standard Deviation of each Sample = 1.1 mins 1.0 mins. S1 S2 1. Are the samples dependent or independent? 2. State your Null/Alternative hypotheses 3. What is the test-statistic? 4. What is the p-value? 5. What are the critical values? 6. Does the test-statistic lie in the rejection region? 7. Interpret the Result? Does the result change for a different value of alpha? Explain?