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The controller of a large retail chain is concerned about a possible slowdown in payments by customers.
The controller of a large retail chain is concerned about a possible slowdown in payments by customers. The controller randomly selects a sample of 25 accounts and finds that the mean and the standard deviation of the number of days that the accounts have remained unpaid are _______and_______. Using critical values and assuming approximate normality, determine if this sample evidence allows us to conclude that the current population mean of the number of days that accounts have remained unpaid exceeds 50 days, the historical average for the company. Perform the hypothesis test by setting _____equal to .10, .05, .01, and .001.
