# level of confidence help

Sigchi4life
Category:
Statistics
Price: \$5 USD

Question description

Under the old system the warehouse managers estimated that they were losing an average of \$647 worth of merchandise to thieves each week. A random sample of 60 weekly records under the current system showed that they were still losing an average of x = \$630 worth of merchandise each week. It is known that the population standard deviation is \$92. Does this indicate that the average loss each week is less than the previous \$647 per week? Use a 1% level of significance.

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