A study is to be conducted to determine whether the mean cost of repairing a car is more than $500. A random sample of 100 repairs is selected and the following decision rule is constructed: conclude the null hypothesis if the sample mean is less than or equal to $515, otherwise conclude the alternative hypothesis. The standard deviation of repair costs is known to be $100. What is the beta-risk if the population mean is actually $505?
Question 5 options:
.8413
.1587
.3085
.6915