question archive 1)The waiting time for patients at a local walk-in health clinic follows a normal distribution with a mean of 15 minutes and a population standard deviation of 5 minutes
1)The waiting time for patients at a local walk-in health clinic follows a normal distribution with a mean of 15 minutes and a population standard deviation of 5 minutes
Subject:StatisticsPrice: Bought3
1)The waiting time for patients at a local walk-in health clinic follows a normal distribution with a mean of 15 minutes and a population standard deviation of 5 minutes. The clinic wants to know if the waiting time is less than 15 minutes. The quality-assurance department sampled 50 patients and found that the mean waiting time was 14.25 minutes. For a significance level of 0.05, what is the critical value?
2) A financial planner wants to compare the yield of income and growth mutual funds. Fifty thousand dollars is invested in each of a sample of 35 income and 40 growth funds. The mean increase for a two-year period for the income funds is $900. For the growth funds, the mean increase is $875. Income funds have a sample standard deviation of $35; growth funds have a sample standard deviation of $45. Assume that the population standard deviations are equal.
At the 0.05 significance level, is there a difference in the mean yields of the two funds?
What is the computed value of the test statistic?
