Bank Claims

October 22, 2018

A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below.Test the local bank’s claim. State the null and alternative hypotheses, the significance level, the critical value, the test statistic, the decision and conclusion. Use a = .05.Local Bank Competitor Bankn1= 45 n2= 50×1= 2.3 min x2= 2.6 mins1= 1.1 min. s2= 1.0 minCriteria used to evaluate Artifacts for Mathematics Task StatementsStudents will successfully complete the task by providing acceptable written response to the following1) Students are to identify what they are given and what they need to find.Students are to set up the correct null and alternative hypotheses, identify the significance level and find the critical value.2) Students are to identify the type of problem and the necessary tools to solve such a problemStudents are to use the correct formula for the t-value.3) Students are to correctly apply the tools to the information given to set up the problem.Students are to compare the critical value and the t-statistic and make the correct decision.4) Where applicable, Students are to perform mathematically correct calculations to determine a solutionStudents are to identify the following correct information:Significance levelt-criticaldft-statisticStudents are to give the correct decision, and to identify decide if their decision will have a possible Type I or Type II error.5) Students are to interpret their results in terms of the original problem.Students are able to conclude that based on this sample information, the waiting time at the local bank is or is not significantly lower than at the competitor’s bank.

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