Dr Mack Lemore an expert in consumer behavior wants to estim

Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here is the data:

15, 24, 14, 18, 17, 25, 16, 18.

He wishes to test the null hypothesis that the average amount of money people have in their pockets is equal to $20. Calculate the test statistic to two decimal places.

Solution