Question

In this scenario, what is the test statistic? A bank collector would like to test the...

In this scenario, what is the test statistic?

  • A bank collector would like to test the claim that the average interest rate of small business loans is less than 4.9 percent.
  • Sample size =30 small business loans
  • Sample mean =4.6 percent
  • From past data, it is known that the population standard deviation is 0.87 percent.

Calculate the test statistic using the formula:

z0=x¯−μ0σn√


where:

  • x¯ = sample mean
  • σ = population standard deviation,
  • n = sample size, and
  • μ0 = population mean under the null hypothesis.

Round your answer to 2 decimal places.

Math   Statistics-And-Probability   
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Homework Answers

Answer #1

The provided sample mean is and the known population standard deviation is σ = 0.87, and the sample size is n = 30.

This corresponds to a lest-tailed test, for which a z-test for one mean with a known standard deviation will be used.

The Test Statistic:

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