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The mean size of commercial loans by a bank has been $60,000 in-(Answered)

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Question

  • The mean size of commercial loans by a bank has been $60,000 in the past. ?A recent change in the bank?s credit policy allows larger amounts to be borrowed under the same terms.? The credit manager now wishes to test whether the mean size of commercial loans made since the policy changes is larger than $60,000.? The manager wishes to control the ? risk at 0.01 when ?=$60,000.? A random sample of n loans made since the policy change yielded the following results =$68,100, s=$45,000.
  • Conduct the test.? State the alternatives, the decision rule, the value standardised test statistic and the conclusion.

Calculate the p-value of the test and conduct the required test.? Interpret its meaning here

 

Paper#9210444 | Written in 27-Jul-2016

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