Reference no: EM131145790

Directions 1:

Complete the tasks described in the steps provided. Submit both a Microsoft Word and a Microsoft Excel document that contain the results of the tasks that show the completion of the tasks.

Refer to the Century National Bank data.

Let's assume that the 60 sample account balances of Century National Bank customers are a random sample from the population of all Century National Bank customers.

Part I

1. Find a point estimate and confidence interval estimates of the mean account balance of all Century National Bank customers.

Find a point estimates and confidence interval estimates of the mean account balance of Century National Bank customers for each of the groups: Lowest balances, Middle balances and Largest balances. Use formulas in the Excel spreadsheet.

See the screenshot below as a guide for organizing your answer.

2. Create at least one graphic to help you better understand the findings.

3. What further analysis do you recommend?

4. Test the hypothesis that the mean account balance of all customers is greater than or equal to $1,700.

The null hypothesis is H₀: µ > 1,700 .

See the suggestion below for organizing your answer using the steps given in the textbook.

1.       State the null hypothesis and the alternate hypothesis		H0: µ > 1,700
2.       Select the level of significance		α = .05
3.       Select the test statistic or calculate the P-value
	z-Test statistic:	?????
	P-value	?????
4.       Formulate the decision rule		Reject if the test statistic is less than the critical value z = ?????
		Or reject if  α > P-value
5.       Make a decision		???????
6.       Interpret the result		?????????

5. Write a paragraph summarizing your findings.

Directions 2:

Complete the tasks described in the steps provided. Submit both a Microsoft Word and a Microsoft Excel document that contain the results of the tasks that show the completion of the tasks.

Refer to the Century National Bank data.

Let's assume that the account balances of Century National Bank customers in each of the three groups are a random sample from the lowest balances, middle balances and largest balances of Century National Bank customers. Let µ₁, µ₂, and µ₃ denote the mean balance of the group with the lowest, middle and largest balances, respectively.

Part I

1. Conduct two - samples tests of hypothesis on difference between each of the 3 group mean balances:
H₀: µ₁ -  µ₂ = 0
H₀: µ₁ - µ₃ = 0
H₀: µ₂ -  µ₃ = 0

2. See the screenshot below as a guide for organizing your answer.

3. What assumptions did you make in the analysis?

4. Write a paragraph summarizing your findings.
 
Part II

5. Conduct tests of hypothesis of the three account balance variances:

H₀: σ₁² - σ₂² = 0
H₀: σ₁² - σ₃² = 0
H₀: σ₂² - σ₃² = 0

6. Do the results of the hypothesis tests contradict the assumptions made in Part I of this assignment?

7. Conduct an ANOVA test on account balances for the three groups to determine whether the various group means came from a single population or different populations with different means. Show each step of six-step hypothesis-testing procedure.

H₀: μ₁=μ₂=μ₃

8. What assumptions did you make in the analysis?

9. What is your interpretation of the results?

10. What further analysis do you recommend?

Attachment:- _Homework-Excel-direction 1.rar

Attachment:- Homework-Excel-Direction 2.rar