Perception 1: There is a significant difference in the lowest and highest price of gold for the year 2019

As per our perception,

Ho: There is no significant difference between the lowest and highest price of gold
H1: There is significant difference between the lowest and highest price of gold

It is a 2 sample and 2 tailed test.

Taking confidence level= 95%, α= 0.05 and hypothesized mean difference being 0.
Using ‘z’ Table, z=1.64

When we interpreted our data through excel by using “t-Test: Paired Two Sample for Means”,
we have received the below attached summary.

As per the summary from excel we can interpret that,

t-crit(two tail) = 2.45
T-stats = -5.49

So if we plot the graph we get,

In the graph we have plotted the t-critical and t-stats and we observe that t-stat lies in the
critical region that means Ho rejected.

Final Conclusion: On the basis of sample evidence, the lowest price of gold is significantly
different than the highest price of gold at level of significance 0.05.

Alternative way of testing the Hypothesis is by using p-value (Probability Value)

As per our perception,

Ho: There is no significant difference between the lowest and highest price of gold
H1: There is significant difference between the lowest and highest price of gold

It is a 2 sample and 2 tailed test.

Taking confidence level= 95%, α= 0.05 and hypothesized mean difference being 0.
Using ‘z’ Table, z=1.64

When we interpreted our data through excel by using “t-Test: Paired Two Sample for Means”,
we have received the below attached summary.

As per the summary from excel we can interpret that,

P-value (two tail) = 0.0015

Where, P-value (0.0015) < α (0.05).

When we plot the graph, we observe:

As the p-value is less than α and it is lying in the critical region so we reject Ho.

Final Conclusion: On the basis of sample evidence, the lowest price of gold is significantly
different than the highest price of gold at level of significance 0.05.