A bank claims that customers wait for service a mean of 3 minutes with a population std deviation of 1 minute. At one office, a sample of 50 customers was taken, and they found that the mean wait time was 2.75 minutes. Can they conclude that the mean wait time really is less than the 3 minutes? Test at alpha of .01
A: State your Ho and H1 hypotheses
B: Formulate your decision rule.
C: Show any calculations for the actual test statistics and/or the p value.
D) Did you reject or not reject your null, and why
E) Interpret, what does it mean to your problem?