The U.S. Department of Agriculture reports that the mean cost of raising a child from birth to age 2 in a rural area is 8420 dollars. You believe this value is too low, so you sample 15 rural families and find the following costs (in dollars) of raising a child from birth to age 2
8366, 8508, 8529, 8534, 8350, 8353, 8480, 8427, 8402, 8495, 8528, 8560, 8462, 8337, 8368
Conduct a hypothesis test based on this sample data, with α = 1%. Answer the question, is the mean cost of raising a child greater than 8420 dollars?
State the hypotheses:
H₀:The _____ cost in dollars of raising a child from birth to age 2 _____ ____ dollars