# Formulate the hypotheses to determine the mean of all account balances, homework help

**Question description**

Question 1

A sample of 81 account balances of a credit company showed an average balance of $1,200 with a standard deviation of $126.

- Formulate the hypotheses that can be used to determine whether the mean of all account balances is significantly different from $1,150.
- Compute the test statistic.
- Using the p-value approach, what is your conclusion? Let α = .05.

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