A research article claims that the mean cost of raising a child from birth to age 2 in a rural area is $10,460. You believe this value is incorrect, so you select a random sample of 900 children and...

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Extracted text: A research article claims that the mean cost of raising a child from birth to age 2 in a rural area is $10,460. You believe this value is incorrect, so you select a random sample of 900 children and find the mean cost is $10,345 with a standard deviation of $1520. Is there enough evidence to conclude that the mean cost is different from $10,460 at 5% level of significance? a. Which of the following statistical tests is most appropriate in this scenario? O Two-Tailed Z-Test OOne-Tailed Z-Test Two-Tailed T-Test One-Tailed T-Test


Extracted text: b. What are the appropriate hypotheses for the test? Ho : µ = $10460 H1 : µ # $10460 Ho : µ + $10460 H : µ = $10460 Ho : µ = $10460 H : µ > $10460 Ho : µ = $10460 H : µ < $10460="" c.="" after="" conducting="" the="" appropriate="" significance="" test,="" the="" test="" statistic="" was="" found="" to="" be="" -2.24.="" therefore,="" the="" conclusion="" for="" the="" test="" is:="" reject="" ho,="" because="" p-value="" is="" less="" than="" 0.05="" fail="" to="" reject="" ho,="" because="" -2.24="" falls="" outside="" the="" critical="" region="" o="" reject="" h1,="" because="" -2.24="" falls="" within="" the="" critical="" region="" fail="" to="" reject="" ho,="" because="" p-value="" is="" less="" than="">