Use a 01 significance level to test the claim that the

Assignment Help Basic Statistics

Reference no: EM13608774

In an analysis in investigating the usefulness of pennies, the cents portion of 100 randomly selected credit card charges from the author are reported. They have a mean of 47.6 cents and a standard deviation of 33.5 cents. If the amounts from 0 cents to 99 cents are all equally likely, the mean is expected to be 49.5 cents and the population standard deviation is expected to be 28.866 cents. Use a .01 significance level to test the claim that the sample is from a population with a standard deviation equal to 28.866 cents. If the amounts from 0 to 99 cents are equally likely, is the requirement of a normal distribution satisfied? If not, how does that affect the conclusion?

Reference no: EM13608774

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