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 sample standard deviation (s) 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
Calculate the test statistic (round to three decimal places,
e.g. 2.0155 becomes 2.016).
Select the most appropriate critical value.