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Is there evidence that the population mean retail value of

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A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of 100 greeting cards indicates a mean value of $2.55 and a standard deviation of $0.44.

a. Is there evidence that the population mean retail value of the greeting cards is different from $2.50? (Use a 0.05 level of significance.)

b. Determine the p-value and interpret its meaning.

Reference no: EM13584514

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