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PLEASE ANSWER IN 15 MINUTES THANKS!!!!!
PLEASE ANSWER IN 15 MINUTES
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20. Suppose the time that it takes a certain large bank to approve a home loan is Normally distributed with mean (in days) µ and standard deviation o= = 1. The bank advertises that it approve loans in 5 days, on average, but measurements on a random sample of 500 loan applications to this bank gave a mean approval time of x = 5.3 days. Is there evidence that the mean time to approval is actually longer than advertised? To answer this, test the hypotheses Ho: µμ= 5, Ha: µ>5 at significance level a= 0.01. Take P(Z ≤ 3.4 and beyond) ≈ 0.9998. You conclude that a. Ho should be rejected. b. Ho should not be rejected. c. Ha should be rejected. d. there is a 5% chance that the null hypothesis is true.
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20. Suppose the time that it takes a certain large bank to approve a home loan is Normally distributed with mean (in days) µ and standard deviation o= = 1. The bank advertises that it approve loans in 5 days, on average, but measurements on a random sample of 500 loan applications to this bank gave a mean approval time of x = 5.3 days. Is there evidence that the mean time to approval is actually longer than advertised? To answer this, test the hypotheses Ho: µμ= 5, Ha: µ>5 at significance level a= 0.01. Take P(Z ≤ 3.4 and beyond) ≈ 0.9998. You conclude that a. Ho should be rejected. b. Ho should not be rejected. c. Ha should be rejected. d. there is a 5% chance that the null hypothesis is true.