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A Large discount chain compares the performance of its credit managers in Ohio and Illinois by comparing the mean dollar amounts owed by customers with delinquent charge accounts in these two states. Two random samples of 10 delinquent accounts are selected from all delinquent accounts in Ohio and Illinois. The sample of Ohio gives a mean dollar amount of $524 with a standard deviation of $68. the second sample from Illinois yields a mean dollar amount of $473 with a standard deviation of $22. Calculate a 95% confidence interval for the difference between the mean dollar amounts owed in Ohio and Illinois. Can we conclude at a 5% level of significance that there is a difference between the mean dollars owed by customers with delinquent charge accounts in Ohio and Illinois?

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Solution Summary

This solution determines whether there is a statistically significant difference at a 5% level of significance between money owed by customers versus charge amounts.

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