In an expansion plan, Frog Falls Federal Credit Union is placing a new ATM at a Gas Grub, a combina
Question: In an expansion plan, Frog Falls Federal Credit Union is placing a new ATM at a Gas & Grub, a combination service station and convenience store. The financial institution’s management wonders if this ATM will have the same parameters (e.g., an identical mean) as the one at the Super Sale Mart. Unfortunately, since this venue is new and substantially different from the previous location, the distribution of total money withdrawn daily cannot be presumed normal. During the initial weeks of operations, a random sample of sixteen total daily amounts was gathered as follows:
2960 | 3420 | 1980 | 2740 | 3060 | 3100 | 2580 | 2400 |
1960 | 2640 | 3660 | 1480 | 2360 | 2040 | 3080 | 3140 |
Using both hypothesis testing and confidence interval methods in order to make inferences, is it reasonable, at the 1% level of significance, that the average total amount of money withdrawn is $3200? For XC: compute or at least estimate the corresponding p-value for this small sized sample; explain or justify your answer to this bonus question.
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