document.write( "Question 463675: The sales manager of a rental agency claims that the monthly maintenance fee for a condominium in the Lakewood region is $86. Past surveys showed that the standard deviation of the population is $6. A sample of 15 owners shows that they pay an average of $84. Test the manager’s claim at α = 0.01. Find the 99% confidence interval of the mean. Does the confidence interval interpretation agree with the results of the hypothesis test? Explain. Assume that the variable is normally distributed. \n" ); document.write( "

Algebra.Com's Answer #317663 by edjones(8007) $\"\"$ $\"About$

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H[o]: $\"mu=86\"$
\n" ); document.write( "s=6
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\n" ); document.write( "n=15, m=84
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\n" ); document.write( " $\"t=%28m-mu%29%2F%28s%2Fsqrt%28n%29%29=%2884-86%29%2F%286%2Fsqrt%2815%29%29=-1.29\"$ \r
\n" ); document.write( "\n" ); document.write( "t [.005][14] = -2.977 two tailed
\n" ); document.write( "t[.01][14]=-2.64 one tailed
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\n" ); document.write( "since t=-1.29>-2.977 and -2.64 then H[o] is not rejected. The manager's claim is accepted.
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\n" ); document.write( "Ed
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