Solved: Determine the mean of all account balances, Basic Statistics

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Determine the mean of all account balances

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Q: A sample of 64 account balances from a credit card company showed an average balance of $1,040. A previously determined population standard deviation is $200. Test to determine if the mean of all account balances is significantly different from $1,000. Use a 0.05 level of significance. (may use traditional or p-value method)

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Basic Statistics: Determine the mean of all account balances

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