Find the balance in each account after the given period. $4,000 principle earning 6% compounded annually, after 5 years? (this is supposed to be exponential growth, and i did it how i thought i should and wound up with a ridiculous answer.)

B: No error has occured

Step-by-step explanation:

In statistical hypothesis testing, we have two types of errors namely Type I error and Type II error.

Type I error occurs when we reject the null hypothesis although it is true. Meanwhile, Type II error occurs when we fail to reject the null hypothesis null hypothesis even though it is false.

Now, we are given the null and alternative hypothesis as;

Null Hypothesis: μ ≤ 67.16

Alternative Hypothesis: μ > 67.16.

Where μ represents the statewide average bill.

We are also given the true statewide average bill is $51.28.

Now, the true statewide average bill falls within the range of the null hypothesis given.

Thus, we can't reject the null hypothesis since it is true.

Now, we are told the null hypothesis is not rejected and that is correct.

Thus, there is no error as it doesn't fall into the type I or the type II error.