T-statistic to test for a difference
To use the t-statistic to test for a difference between the means of two populations, what assumptions must be made about the two populations? About the two samples?
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Determine the standardized test statistic z to test the claim that p1=p2. The sample statistics that are listed below come from independent samples. Use ?=0.05.
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Independent random samples of 64 observations each are chosen from two normal populations with the following means and standard deviations:
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In New York's Pick 3 lottery game, you pay $1.31 to choose the sequence of 5 digits, such as 733. If you choose the same sequence of 5 digits that are drawn you win as well as receive $311.09.
Annual repair costs start at $5000 in 5th year and increase by $500 per year thereafter until disposed of. If interest rate is 10%, determine closest equivalent cost of ownership?
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