The Chief Minister of a small Indian state claims that the average net worth of families living in this state is at least Rs. 300,000. A random sample of 25 families selected from this state produced a mean net worth of Rs. 288,000. Assume that the net worths of all families in this state have an approximate normal distribution with the population standard deviation of Rs. 80,000. Using a 2.5% significance level, can you conclude that the Chief Minister’s claim is false?
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A random sample of 25 families selected from this state produced a mean net worth of Rs. 288,000
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