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A credit card company wants to test the hypothesis that its account holders spend an average of $100 per month at gasoline stations. They take a sample of 1000 accounts and find an average spend of $115 with a standard deviation of $41. Conduct this hypothesis test with a .01 level of significance. What is the test statistic?

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Immaculata

Answer:

test statistics = 11.57

Step-by-step explanation:

test statics = [tex]\frac{average spend from the sample - average spend from theory}{Standard deviation / \sqrt{no of samples} }[/tex]

= [tex]\frac{115-100}{41/\sqrt{1000} }[/tex]  = 11.57

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