SOLUTION: When 100 randomly selected car owners are surveyed, it is found that the mean length of time they plan to keep their car is 7.01 years, and the standard deviation is 3.74 years. Th

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Question 325854: When 100 randomly selected car owners are surveyed, it is found that the mean length of time they plan to keep their car is 7.01 years, and the standard deviation is 3.74 years. The expected mean is 7.50 years. Calculate the p-value for the test statistic.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
When 100 randomly selected car owners are surveyed, it is found that the mean length of time they plan to keep their car is 7.01 years, and the standard deviation is 3.74 years. The expected mean is 7.50 years. Calculate the p-value for the test statistic.
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t(7.01) = (7.01-7.5)/[3.74/Sqrt(100)] = -0.0490
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Assuming a left tail test
the p-value is P(t < -0.0490 when df = 99) = 0.4805
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Cheers,
Stan H.
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