The loan manager for State Bank and Trust has claimed that the mean loan balance on outstanding loans at the bank is over $14,500.To test this at a significance level of 0.05,a random sample of n = 100 loan accounts is selected.Assuming that the population standard deviation is known to be $3,000,the value of that corresponds to the critical value is approximately $14,993.50.

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This statement is true as the given value of $14,993.50 corresponds to the critical value of the one-tailed test at a significance level of 0.05 with a sample size of 100 and a population standard deviation of $3,000. Therefore, if the sample mean loan balance is greater than or equal to $14,993.50, the null hypothesis that the mean loan balance is $14,500 or less can be rejected at a significance level of 0.05.

The Loan Manager for State Bank and Trust Has Claimed