Question

Once again, you have been asked to study the mean amount of financial aid awarded to a population of students at a certain university. You are interested in making some decisions concerning this population parameter. You select a random sample of 38 students from this population. The mean amount of financial aid awarded to these students in the year being studied is $17,055. You have reason to believe that the population standard deviation of the amounts of financial aid awarded is thought to equal $7,000. At both the 5% and 10% levels of significance, is the mean financial aid awarded to this population of students different from $15,000? In your discussion, if appropriate, comment upon the effect of the change in the significance level on your decision.phstat excel

Answer 1

Solution:-

Givn that,

Random sample of 38

The mean amount of financial aid awarded to these students in the year being studied is $17,055.

The amounts of financial aid awarded is thought to equal $7,000.

Levels of significances are 5% and 10%.

At

a = 0.10

Critical value for two tailed test is 1.64

Since $|z_{cal}|>1.64$

1 1-9c -|-64 1-4ч 181 1:46.

We reject the null hypothesis.

It means that man financial aid awanded to the population is different from $15,000.

At 10% lvel of significance.

Her w can see levl of significance plays a crucial rol in making the dcision.

At 5% level of significance we failed to reject th null hypothesis but same hypothyesis w reject at 10% lvel of significance.