I have a hard time interpreting my results and I need help rejection.
A local bank claims that the standard deviation of the checking account balances of its customers is $275. A random sample of 41 accounts were checked and the standard deviation was $263.35. Using the method of your choice (P-value or rejection), test the hypotheses using a level of significance of 0.01. What is your decision regarding the null hypothesis?[FONT="][/FONT]
[FONT="]Null µ = 275[/FONT][FONT="]Alternative µ ≠ 275
Test Statistic = 36.683
Lower Rejection Region = 22.16426
Upper Rejection Region= 63.69073975
Should I reject or fail to reject?
Also, should I support the banks claim?[/FONT]
A local bank claims that the standard deviation of the checking account balances of its customers is $275. A random sample of 41 accounts were checked and the standard deviation was $263.35. Using the method of your choice (P-value or rejection), test the hypotheses using a level of significance of 0.01. What is your decision regarding the null hypothesis?[FONT="][/FONT]
[FONT="]Null µ = 275[/FONT][FONT="]Alternative µ ≠ 275
Test Statistic = 36.683
Lower Rejection Region = 22.16426
Upper Rejection Region= 63.69073975
Should I reject or fail to reject?
Also, should I support the banks claim?[/FONT]