The credit manager of a department store believes the average age of charge-account customers is less than 45 years. A random survey of 50 customers reveals a mean age of 47 and a standard deviation of 9 years. Develop the hypothesis test, and assume a .01 level of significance. Does this data support the credit manager’s assumption? (Use the critical value approach)

The credit manager of a department store believes the average age of charge-account customers is less than 45 years. A random survey of 50 customers reveals a mean age of 47 and a standard deviation...

The credit manager of a department store believes the average age of charge-account customers is less than 45 years. A random survey of 50 customers reveals a mean age of 47 and a standard deviation of 9 years. Develop the hypothesis test, and assume a .01 level of significance. Does this data support the credit manager’s assumption? (Use the critical value approach)

Jun 08, 2022