Question

A sample of 40 investment customers serviced by an account manager are found to have had an average of $23,000\$ 23,000 in transactions during the past year, with a standard deviation of $8500\$ 8500. A sample of 30 customers serviced by another account manager averaged $28,000\$ 28,000 in transactions, with a standard deviation of $11,000\$ 11,000. Assuming the population standard deviations are equal, use the 0.050.05 level of significance in testing whether the population means could be equal for customers serviced by the two account managers. Using the appropriate statistical table, what is the most accurate statement we can make about the pp-value for this test? Construct and interpret the 95%95 \% confidence interval for the difference between the population means.

Solution

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Answered 10 months ago
Answered 10 months ago
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Let's define the following:

  • n1=40n_1=40 is the size of a sample 11,
  • n2=30n_2=30 is the size of a sample 22,
  • x1=23000\overline{x}_1=23000 is a mean of sample 11,
  • x2=28000\overline{x}_2=28000 is a mean of sample 22,
  • s1=8500s_1=8500 is a standard deviation of sample 11,
  • s2=11000s_2=11000 is a standard deviation of sample 22.

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