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The mayor of a large city claims that the average net worth of families living in this city is at most $300,000. A random sample of 25 families selected from this city produced a mean net worth $288,000. Assume that the net worth of all families in this city have a normal distribution with the population standard deviation of $80,000. What is the parameter of interest?

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Answer:

Check the explanation

Step-by-step explanation:

Below are the null and alternative Hypothesis,

Null Hypothesis, H0: μ = 300000

Alternative Hypothesis, Ha: μ < 300000

Test statistic,

z = (xbar - mu)/(sigma/sqrt(n))

z = (288000 - 300000)/(80000/sqrt(25))

z = -0.75

P-value Approach

P-value = 0.2266

As P-value >= 0.05, fail to reject null hypothesis.

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