Task: Apply mathematical problem solving skills to avariety of problems at the college level.

To accomplish this task, the students will

1. Identify what they are given and what they need to find;

2. Identify the type of problem they have been given and thetools necessary to solve the problem;

3. Correctly apply the tools to the information given to set upthe problem;

4. Perform mathematically correct calculations to determine asolution;

5. Interpret their results in terms of the original problem.

The written work for the following problem must be submitted toreceive credit. The formulas and numbers that have been used in theformula must be shown to receive credit.

A local bank claims that the waiting time for its customers tobe served is the lowest in the area. A competitor bank checks thewaiting times at both banks. The sample statistics are listedbelow. Test the local bank’s claim. Use the information givenbelow. State the null and alternative hypotheses, the significancelevel, the critical value, the test statistic, the decision andconclusion. All work must be written out and shown.

Sample statistics for a local bank and a competitor'sbank

  

Local Bank Competitor Bank   

Sample size Local Bank: n1=46 , Competitorbank: n2=50

Average waiting time in minutes for each sample Local Bank:X¯1=2.3 mins. (line should be above X), Competitor Bank X¯1=2.6mins.(line should be above X)

Sample Standard Deviation of each Sample Local BankL s1= 1.1mins, Competitor Bank:s2=1.0 mins

1. Are the samples dependent or independent?
2. State your Null/Alternative hypotheses
3. What is the test-statistic?
4. What is the p-value?
5. What are the critical values?
6. Does the test-statistic lie in the rejection region?
7. Interpret the Result?
8. Does the result change for a different value of alpha?Explain?