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First people's Bank of Central City would like to improve their loan application process. In particular, currently the amount of time required to process loan applications is approximately normally distributed with a mean of 18 days. Measures intended to simplify and speed the process have been identified and implemented. Were they effective? Test the appropriate hypothesis at the 1% significance level if a sample of 25 applications submitted after the measures were implemented gave an average processing time of 15.2 days and a standard deviation of 2 days. Use both the p-value and the critical value approach.

Reference no: EM132188056

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