Math  /  Data & Statistics

QuestionThe following data was calculated during a study on refinancing. Use the following information to find the test statistic and critical value(s) at a 5%5 \% level of significance: - A realtor believes the average number of times a mortgage is refinanced is different than 3.6 times. - Sample size =40=40 mortgages - Sample mean =3.7=3.7 times - From past data, it is known that the population standard deviation is 1.1 times.
Use the curve below to find the test statistic and critical value(s). Select the appropriate test by dragging the point vertically to a right-, left- or two-tailed diagram, then set the sliders. Use the alpha slider to set the significance level. Use the sliders to set the information from the study described above including the sample size, sample mean, population mean and standard deviation.
If entering two critical values as your final answer, use ±\pm.
Move the dot to choose the appropriate test
Provide your answer below: test statistic == \square critical value(s) == \square

Studdy Solution
Determine the critical value(s) for a two-tailed test at the 5% 5\% significance level. The critical values for a two-tailed test with α=0.05 \alpha = 0.05 are:
z=±1.96z = \pm 1.96
The test statistic is:
0.575\boxed{0.575}
The critical value(s) are:
±1.96\boxed{\pm 1.96}

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