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Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...

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Basic Math

Dr. Mack Lemore, an expert in consumer behavior, wants toestimate the average amount of money that people spend in thriftshops. He takes a small sample of 8 individuals and asks them toreport how much money they had in their pockets the last time theywent shopping at a thrift store. Here is the data:

29.34, 24.88, 28.5, 12.02,   13.45,   13.41,10.03,   25.09.

He wishes to test the null hypothesis that the average amount ofmoney people have in their pockets is equal to $20. Calculate thetest statistic to two decimal places. Take all calculationstoward the answer to three decimal places.

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