SOLUTION: Please I need some help, I can't figure out how to get the right answer. I have the formula, but I can't figure out the right equation. For a recent year, the mean fare to gly f

Question 765530: Please I need some help, I can't figure out how to get the right answer. I have the formula, but I can't figure out the right equation.
For a recent year, the mean fare to gly from Charlotte, NC to Seattle, WA, on a discounted ticket was $267. A random sample of round-trip discount fares on this route las month gives:
$321, $286, $290, $330, $310, $250, $270, $280, $299, $265, $291, $275, $281
At the .01 significance level, can we conclude that the mean fare has increased? what is the p-value?
This is what I have:
Z (sub a/2) equals (x-mu)/stnd dev
H0:mu equeals $267
Ha:mu equals < $267 (1-tailed test)
a equals 0.01

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
For a recent year, the mean fare to gly from Charlotte, NC to Seattle, WA, on a discounted ticket was $267. A random sample of round-trip discount fares on this route las month gives:
$321, $286, $290, $330, $310, $250, $270, $280, $299, $265, $291, $275, $281
At the .01 significance level, can we conclude that the mean fare has increased? what is the p-value?
alpha = 1%
----------------------------
This is what I have:
H0:mu = $267
Ha:mu > $267 (claim)
-------
sample mean = x-bar = 288.3
-----
test stat: t(288.3) = (288.3-267)/[22.5/sqrt(13)] = 3.4133
----
p-value = P(t > 3.4133 when df = 12) = tcdf(3.4133,100,12) = 0.0026
-----
Since the p-value is less than 1%, reject Ho.
The test results support the claim.
=======================================
Cheers,
Stan H.
=====================
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