The U.S. Department of Agriculture reports that the mean cost of raising a child from birth to age 2 in a rural area is $8390. You believe this value is incorrect, so you select a random sample of 900 children (age 2) and find that the mean cost of this sample is $8275. From a previous study the standard deviation of the population is known to be $1540. Can one reject the claim that the mean cost is $8390? Use = 05.

The U.S. Department of Agriculture reports that the mean cost of raising a child from birth to age 2 in a rural area is $8390. You believe this value is incorrect, so you select a random sample of 900...

The U.S. Department of Agriculture reports that the mean cost of raising a child from birth to age 2 in a rural area is $8390. You believe this value is incorrect, so you select a random sample of 900 children (age 2) and find that the mean cost of this sample is $8275. From a previous study the standard deviation of the population is known to be $1540. Can one reject the claim that the mean cost is $8390? Use = 05.

Jun 07, 2022