Hypothesis test for a population mean in Figure 9.10 on page 368 (data file: CreditCd.xlsx):
• Enter the interest rate data from Table 9.3 (page 367) into cells A2.A16 with the label Rate in cell A1.
• Select Add-Ins: MegaStat: Hypothesis Tests : Mean vs. Hypothesized Value
• In the “Hypothesis Test: Mean vs. Hypothesized Value” dialog box, click on “data input” and use the autoexpand feature to enter the range A1.A16 into the Input Range window.
• Enter the hypothesized value (here equal to 18.8) into the Hypothesized Mean window.
• Select the desired alternative (here “less than”) from the drop-down menu in the Alternative box.
• Click on t-test and click OK in the “Hypothesis Test: Mean vs. Hypothesized Value” dialog box.
• A hypothesis test employing summary data can be carried out by clicking on “summary data,” and by entering a range into the Input Range window that contains the following—label; sample mean; sample standard deviation; sample size n.
A z test can be carried out (in the unlikely event that the population standard deviation is known) by clicking on “z-test.”