Account balances from credit company

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Reference no: EM132046001

A sample of 64 account balances from a credit company showed an average daily balance of $1,060. The standard deviation of the population is known to be $240. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,000.

Question: Using the p-value approach at 95% confidence, test the above hypotheses.

Reference no: EM132046001

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