Question 1A sample of 81 account balances of a credit company showed an average balance of$1,200 with a standard deviation of $126.1.Formulate the hypotheses that can be used to determine whether the mean of allaccount balances is significantly different from $1,150.2.Compute the test statistic.3.Using the p-value approach, what is your conclusion? Let α = .05.Question 2During the recent primary elections, the democratic presidential candidate showed thefollowing pre-election voter support in Alabama and Mississippi.1.We want to determine whether or not the proportions of voters favoring theDemocratic candidate were the same in both states. Provide the hypotheses.2.Compute the test statistic.3.Determine the p-value; and at 95% confidence, test the above hypotheses.Question 3In order to estimate the difference between the yearly incomes of marketing managersin the East and West of the United States, the following information was gathered.1.Develop an interval estimate for the difference between the average yearlyincomes of the marketing managers in the East and West. Use α = 0.05.2.At 95% confidence, use the p-value approach and test to determine if theaverage yearly income of marketing managers in the East is significantly different fromthe West.Project Week 6For these project assignments throughout the course you will need to reference the datain the ROI Excel spreadheet. Download it here.Using the ROI data set:1.For each of the 2 majors test the hypothesis at the 5% significance level:The mean ‘Cost’ for a college is $160,000. Be sure to interpret yourresults.oFor Business versus Engineering majors conduct a two sample test of thehypothesis at the 10% significance level (assume the variances are not equal):The average ’30-Year ROI’ for Business majors is less than for EngineeringMajors. Be sure to interpret your results.