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4. An entrepreneur is considering the purchase of a coin-operated laundry. The present owner claims that...

4. An entrepreneur is considering the purchase of a coin-operated laundry. The present owner claims that over the past 5 years, the average daily revenue is $675 with a standard deviation of $75. The potential purchaser is interested in whether or not the average daily revenue differs from $675. A random sample of 25 days reveals an average daily revenue of $625. At the 5% level of significance, what should the potential buyer do?

Math   Statistics-And-Probability   
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Answer #1

since test statistic falls in rejection region we reject null hypothesis
we have sufficient evidence to conclude that the average daily revenue differs from $675
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