New York University BUSF-SHU BUSF-SHU 040 A savings bank claims its bank deposits are normally distributed…

New York University BUSF-SHU BUSF-SHU 040 A savings bank claims its bank deposits are normally distributed…

A savings bank claims its bank deposits are normally distributed with a mean of at least $8543. A bank regulator wants to test the accuracy of the banks claim at a 5% level of significance. She takes a sample of 24 accounts and finds the mean of the sample is 8339 with a standard deviation of $615. She is only concerned about the banks claim is exaggerated. She not concerned if mean is larger. Should she accept the banks claim?

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