Homework Help is Here – Start Your Trial Now!
Math
Statistics
Credit Card Use by Undergraduates. In a study entitled How Undergraduate Stu- dents Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation o = $1000. a. State the null and alternative hypotheses. b. What is the p-value for a sample of 180 undergraduate students with a sample mea credit card balance of $3325? c. Using a .05 level of significance, what is your conclusion? nean

Credit Card Use by Undergraduates. In a study entitled How Undergraduate Stu- dents Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation o = $1000. a. State the null and alternative hypotheses. b. What is the p-value for a sample of 180 undergraduate students with a sample mea credit card balance of $3325? c. Using a .05 level of significance, what is your conclusion? nean

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
Section10.3: Measures Of Spread
Problem 1GP
See similar textbooks
icon
Related questions
Question
16. Credit Card Use by Undergraduates. In a study entitled How Undergraduate Stu- dents Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation ơ = $1000. a. State the null and alternative hypotheses. b. What is the p-value for a sample of 180 undergraduate students with a sample mean credit card balance of $3325? c. Using a .05 level of significance, what is your conclusion?
Transcribed Image Text:16. Credit Card Use by Undergraduates. In a study entitled How Undergraduate Stu- dents Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation ơ = $1000. a. State the null and alternative hypotheses. b. What is the p-value for a sample of 180 undergraduate students with a sample mean credit card balance of $3325? c. Using a .05 level of significance, what is your conclusion?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
SEE MORE TEXTBOOKS