A simple random sample of 50 accounts is taken from an accountreceivables portfolio of XYZ Ltd and the average account balance is$650. The population standard deviation o is known to be $70. Test the hypothesis that the population mean account balanceis greater than a. $620 using the p-value approach and a 0.05 levelof significance. b. Test the hypothesis that the population meanaccount balance is less than $800 using the critical value approachand a 0.05 level of significance. Test the hypothesis that thepopulation mean account balance is different from $750. using thep-value approach and a 0.05 level of significance. C.
