8. suppose you are testing h0 : p = 0.4 versus h1 : p < 0.4. from your data, you calculate your test statistic as z = +1.7. (a) calculate the p-value for this scenario. (b) using a significance level of 0.06, what decision should you make?

(a) The p-value is 0.9554

(b) We cannot reject the null hypothesis at the significance level of 0.06

Step-by-step explanation:

We are dealing with a lower-tail alternative . Because the test statistic is z = +1.7 which comes from a normal distribution, the p-value is the probability of getting a value as extreme as the already observed.  

(a) P(Z < +1.7) = 0.9554

(b) The p-value is very large, and 0.9554 > 0.06, so, we cannot reject the null hypothesis at the significance level of 0.06

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.