A study by a bank compared the mean savings of customers who were depositors for three...
- A study by a bank compared the mean savings of customers who
were depositors for three years or less with those who had been
depositors for more than three years. The results of a sample are
as follows.
≤ 3 Years > 3 Years Mean Savings Balance $1200 $1250 Population Standard Deviation $100 $150 Sample Size 100 150
Assuming that the financial officer wants to show that there is a difference in the average savings balance between the two classes of depositors.
- Based on the computed value of the test statistics at the 0.05 significance level what is your conclusion?
- What is the p-value? Based on the p-value what is your conclusion?
Homework Answers
Ho : 
Ha : 
Given 
Therefore 
Hence, Reject Ho. which means the difference in the average savings balance between the two classes of depositors is NOT ZERO
So, there exists a difference between saving balance of the the two classes.
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