Question: Business and Management The largest aboveground storage tanks in Bayonne, New Jersey, have the capacity to hold 6,000,000 gallons of oil. For safety reasons, managers prefer the mean amount stored at any given time to be no greater than 4,500,000 gallons. A random sample of nine large tanks was selected, and the amount of oil stored in each (in gallons) was recorded. The summary statistics were x ¯= 4,675,250 and s = 482,556.
a. Is there any evidence to suggest the mean amount of oil stored in the large tanks is above the safety level? Assume normality and use a = 0.025.
b. Find bounds on the p value associated with this hypothesis test.