To better assess your willingness-to-pay for advertising on others’ websites, you want to learn the mean profit per visit for all visits to your website. To accomplish this, you have collected a random sample of 4,738 visits to your website over the past six months. This sample includes information on visit duration and profits. The data are contained in [login to view URL] (See the attached) Using the data in [login to view URL]:
Build a 99% confidence interval for the mean profit per visit for all of your visitors.
Let the null hypothesis be that mean profit per visit for all of your visitors is $11.50.
Calculate the corresponding t-stat for this null hypothesis.
Calculate the corresponding p-value for this null hypothesis.
With strength of 95%, decide whether or not to reject this null hypothesis.
Detail the reasoning behind your decision