An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily average revenue of $625. If you were to test the null hypothesis that the daily average revenue was $675 and decide not to reject the null hypothesis, what can you conclude?
A) There is not enough evidence to conclude that the daily average revenue was not $675.
B) There is enough evidence to conclude that the daily average revenue was $675.
C) There is enough evidence to conclude that the daily average revenue was not $675.
D) There is not enough evidence to conclude that the daily average revenue was $675.

Question

Quizplus · Accepted Answer

The decision not to reject the null hypothesis suggests that there is not enough statistical evidence to conclude that the daily average revenue is different from $675.

An Entrepreneur Is Considering the Purchase of a Coin-Operated Laundry