Question

The controller of a large retail chain is concerned about a possible slowdown in payments by customers. The controller randomly selects a sample of 10 accounts, with the following ages (in days): 40, 45, 50, 65, 70, 75, 78, 80, 82, 85 The population standard deviation is 15.53. The controller wants to determine if the population mean number of days that the company must wait to get paid exceeds 65, which is the historical average. If it does, the company must take some action to ensure they are paid in a more timely manner. 1. Select the most appropriate set of null and alternative hypotheses. 2. Calculate the test statistic (round to two decimal places, e.g. 2.015 becomes 2.02). 3. Select the most appropriate critical value 4. Select the most appropriate conclusion 5. Select the most appropriate interpretation.

          The controller of a large retail chain is concerned about a
possible slowdown in payments by customers. The controller randomly
selects a sample of 10 accounts, with the following ages (in
days):
40, 45, 50, 65, 70, 75, 78, 80, 82, 85
The population standard deviation is 15.53.
The controller wants to determine if the population mean number of
days that the company must wait to get paid exceeds 65, which is
the historical average. If it does, the company must take some
action to ensure they are paid in a more timely manner.  
1. Select the most appropriate set of null and alternative
hypotheses.
2. Calculate the test statistic (round to two decimal
places, e.g. 2.015 becomes 2.02).
3.  Select the most appropriate critical value
4. Select the most appropriate conclusion
5. Select the most appropriate interpretation.

Added by Beatriz V.

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