A group of young businesswomen wish to open a high fashion boutique in a vacant store, but only if the average income of households in the area is more than $45,000. A random sample of nine households showed the following results. $$\begin{array} { l l l }
\$ 48,000 & \$ 44,000 & \$ 46,000 \
\$ 43,000 & \$ 47,000 & \$ 46,000 \
\$ 44,000 & \$ 42,000 & \$ 45,000
\end{array}$$ Use the statistical techniques in Excel to advise the group on whether or not they should locate the boutique in this store. Use a .05 level of significance. (Assume the population is normally distributed.)

Question

A group of young businesswomen wish to open a high fashion boutique in a vacant store, but only if the average income of households in the area is more than $45,000. A random sample of nine households showed the following results. $$\begin{array} { l l l } 
\$ 48,000 & \$ 44,000 & \$ 46,000 \
\$ 43,000 & \$ 47,000 & \$ 46,000 \
\$ 44,000 & \$ 42,000 & \$ 45,000
\end{array}$$ Use the statistical techniques in Excel to advise the group on whether or not they should locate the boutique in this store. Use a .05 level of significance. (Assume the population is normally distributed.)

Quizplus · Accepted Answer

The Answer of A group of young businesswomen wish to open a high fashion boutique in a vacant store, but only if the average income of households in the area is more than $45,000. A random sample of nine households showed the following results. $$\begin{array} { l l l } 
\$ 48,000 & \$ 44,000 & \$ 46,000 \
\$ 43,000 & \$ 47,000 & \$ 46,000 \
\$ 44,000 & \$ 42,000 & \$ 45,000
\end{array}$$ Use the statistical techniques in Excel to advise the group on whether or not they should locate the boutique in this store. Use a .05 level of significance. (Assume the population is normally distributed.)