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Yuliya22 [10]
1 year ago
8

Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services. Higher ratings on

the client satisfaction survey indicate better service, with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use α= .05 and test to see whether the consultant with more experience has the higher population mean service rating.
Consultant A: n = 16, x = 6.82, s = 0.64
Consultant B: n = 10, x = 6.25, s = 0.75

a. State the null and alternative hypotheses.
b. Compute the value of the test statistic.
c. What is the p-value?
d. What is your conclusion?

Mathematics
1 answer:
Vlada [557]1 year ago
8 0

Answer:

See the explanation

Step-by-step explanation:

(a)  

H0: Consultant with more experience has the higher population mean service rating.

H1: Consultant with more experience doesn't have the higher population mean service rating.

(b)  

t = 1.9923 (see the attached image)

(c)

The degrees of freedom for the test statistic,

df = 16

The P-value of the one tailed t- test with 16 degrees of freedom is,

P−value = tdist(X,df,tails)

P-value = tdist(1.9923,16,1)

P-value = 0.032

(d)​

Since, P-value 0.032 is less than the significance level 0.05, there is an enough evidence to reject the null hypothesis.

Hence, there is a sufficient evidence to conclude that Consultant with more experience doesn't have the higher population mean service rating.

Hope this helps!

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How much did she borrow.

= let the sum borrowed be P

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You deposit $300 in a savings account that pays 6% interest compounded semiannually. How much will you have at the middle of the
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Answer:

  • The total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 300.00 at a rate of 6% per year  compounded 2 times per year  over 0.5 years is $ 309.00.

  • The total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 300.00 at a rate of 6% per year  compounded 2 times per year  over 1 year is $ 318.27.

Step-by-step explanation:

a)  How much will you have at the middle of the first year?

Using the formula

A\:=\:P\left(1+\frac{r}{n}\right)^{nt}

where

  • Principle = P
  • Annual rate = r
  • Compound = n
  • Time  = (t in years)
  • A = Total amount

Given:

Principle P = $300

Annual rate r = 6% = 0.06 per year

Compound n = Semi-Annually = 2

Time (t in years) = 0.5 years

To determine:

Total amount = A = ?

Using the formula

A\:=\:P\left(1+\frac{r}{n}\right)^{nt}

substituting the values

A=300\left(1+\frac{0.06}{2}\right)^{\left(2\right)\left(0.5\right)}

A=300\cdot \frac{2.06}{2}

A=\frac{618}{2}

A=309 $

Therefore, the total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 300.00 at a rate of 6% per year  compounded 2 times per year  over 0.5 years is $ 309.00.

Part b) How much at the end of one year?

Using the formula

A\:=\:P\left(1+\frac{r}{n}\right)^{nt}

where

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  • Annual rate = r
  • Compound = n
  • Time  = (t in years)
  • A = Total amount

Given:

Principle P = $300

Annual rate r = 6% = 0.06 per year

Compound n = Semi-Annually = 2

Time (t in years) = 1 years

To determine:

Total amount = A = ?

so using the formula

A\:=\:P\left(1+\frac{r}{n}\right)^{nt}

so substituting the values

A\:=\:300\left(1+\frac{0.06}{2}\right)^{\left(2\right)\left(1\right)}

A=300\cdot \frac{2.06^2}{2^2}

A=318.27 $

Therefore, the total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 300.00 at a rate of 6% per year  compounded 2 times per year  over 1 year is $ 318.27.

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