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According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016? Determine the null and alternative hypotheses. H: u = (Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)

According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016? Determine the null and alternative hypotheses. H: u = (Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c. ... a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016? Determine the null and alternative hypotheses. Ho: H 2 %3D (Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)
Transcribed Image Text:According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c. ... a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016? Determine the null and alternative hypotheses. Ho: H 2 %3D (Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)
Expert Solution
Step 1

Given that 

n=40

X̄=546

S=67.25

μ=569

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