Complete the steps of a one-mean hypothesis test with Population SD unknown ritical Value Approach Complete the steps of a one-mean hypothesis test with Population SD unknown - Critical Value approach Question An investment blog states the average small business loan is 20 thousand dollars. A business loan broker would like to test the claim that the average small business loan is different than the amount stated in the investment blog. To test this claim at the 5% significance level, the business loan broker collects the following data on a sample of 25 small business loans and records the amount of the loan. The following is the data from this study: Sample size=25 small business loans Sample mean= 18.5 thousand dollars Sample standard deviation = 5 thousand dollars Identify the null and alternative hypothesis for this study by filling in the blanks with the correct symbol (=..<, or > to represent the correct hypothesis.) Provide your answer below: null hypothesis: 20 alternative hypothesis: 20

The standard deviation in statistics is a measurement of how much a group of values can vary or be dispersed. A low standard deviation suggests that values are often close to the set's mean, whereas a large standard deviation suggests that values are dispersed over a wider range.

Here we have given that,

Claim: To check whether the average small business loan is different that the amount stated in the investment blog.

The hypothesis is,

H0: μ= 20 thousand dollars Versus H0: μ ≠ 20 thousand dollars

We have given that,

n= Number of observation = 25

x bar = sample mean =18.5

S= sample standard deviation =5

Here, population standard deviation is unknown, we use the one sample t test.

t - statistics = (x bar - μ) / (s / √n)

= (18.5 - 20) / (5 / √25)

= -1.342

we get,

the Test statistic is -1.342

Now we find the P-value

α = level of significance = 0.05

Degrees of freedom = n - 1 = 25 - 1 = 24

This is two tailed test as our interest is to show the population mean is equal or not equal to zero.

Now, we can find the P-value

P-value = 0.1922 Using EXCEL = TDIST( | t-statistics | = 1.342 , D.F=24, tail=2)

Hence, There is the not sufficient evidence that the average small business loan is different that the amount stated in the investment blog.

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