An analyst collected data from 25 randomly selected transact

An analyst collected data from 25 randomly selected transactions and found the purchase amounts (in $). The mean is $24.77 and the standard deviation is $15.85.

Solution

              
Getting the test statistic, as              
              
X = sample mean =    24.77          
uo = hypothesized mean =    18          
n = sample size =    25          
s = standard deviation =    15.85          
              
Thus, t = (X - uo) * sqrt(n) / s =    2.135646688 = 2.14 [ANSWER]