Question: a polling organization reported data from a survey of 2000...
A polling organization reported data from a survey of 2000
randomly selected Canadians who carry debit cards. Participants in
this survey were asked what they considered the minimum purchase
amount for which it would be acceptable to use a debit card.
Suppose that the sample mean and standard deviation were $9.11 and
$7.50, respectively. (These values are consistent with a histogram
of the sample data that appears in the report.)
Do these data provide convincing evidence that the mean minimum purchase amount for which Canadians consider the use of a debit card to be appropriate is less than $10? Carry out a hypothesis test with a significance level of 0.01. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)