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Question: an entrepreneur is considering the purchase of a coin operated...

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An entrepreneur is considering the purchase of a coin operated laundry. The current owner claims that over the past 5 years, the mean daily revenue(u) was $600 with a population standard deviation (a ) of $150. A sample of 30 days (n) reveals a daily mean revenue of $750 (sample mean, X bar), mean revenue is not equal to $600 and assume that the level of significance(a -005) please answer the following questions (20 points) If you were to test the altemate hypothesis that the daily 1. State your null and alternate hypotheses: 2 What is the value of test statistic? Please show all the relevant calculations 3 What is the rejection criterion based on critical value approach? 4. What is the Statistical decision (L.e. reject /or do not reject the null hypothesis)? Provide justification for your decision.

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