Could someone help me determine If the t table is appropriate, _____ < p value <

Question

Could someone help me determine If the t table is appropriate, _____ < p value < ______ ?

I do not know the last section or how to solve or find it. The answer must be typed in four decimals.

A sample of 11 discount brokers showed a sample mean price charged for a trade of 100 shares at $50 per share was $46.50. Assume a population standard deviation of $7.90. Test the hypothesis that the mean price charged for a trade of 100 shares at $50 per share is at most $42.00 at a 0.1000. (See exercise 44 on page 372 of your textbook for a similar problem. For the hypothesis stated above... Question 1 What is the test statistic? Question 2 what is the decision? Fail to Reject H0 Question 3 What is the p value? Fill in only one ot the tollowing statements. If the Z table is appropriate, It het table is appropriate, p-value Click to Grade Your Work

Explanation / Answer

Solution:

For the given scenario, the sample size is small and it is less than 30; so we can easily apply t test here.

We are given

Sample size = n = 11

Degrees of freedom = n – 1 = 11 – 1 = 10

Level of significance = alpha = 0.10

Sample mean = 46.5

Standard deviation = 7.9

Test statistic = t = (Xbar - µ) / [SD/sqrt(n)]

Test statistic = t = (46.5 – 42) / [7.9/sqrt(11)]

Test statistic = 1.8892

P-value = 0.9559

0.9559 < P-value < 1.0000

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