Select the correct answer below O All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are O All of the conditions to conduct the hypothesis test have been met. The null and alternative hypotheses are All of the conditions to conduct the hypothesis test are met. The null and alternative hypotheses are O O O Although the population standard deviations are known and the sample sizes are sufficiently large, the samples are not randomly selected and are not independent of each other. Although the samples are randomly selected, independent, and sufficiently large, the population standard deviation is not known for both groups. Although the population standard deviations are known and the samples are randomly selected and independent, the sample sizes are not sufficiently large.
Lydia Hayward is an external research consultant hired by FirstCard, a major credit card company, to find evidence that the population mean total credit card balance for adults ages 25 to 34 with a college degree in the region is greater than for adults ages 25 to 34 without a college degree. Due to research already conducted by FirstCard, Lydia assumes that the population standard deviation is $2,047.24 for adults ages 25 to 34 with a college degree and $1,749.65 for those without a college degree. She conducts a survey at a local shopping center and selects every tenth adult ages 25 to 34 with a college degree and every tenth adult ages 25 to 34 without a college degree to ask for the total credit card balance. The results of the samples are shown in the table below. Explain whether a hypothesis test for the difference between two means of independent samples is appropriate, and if so, determine the null and alternative hypotheses for this hypothesis test. Let μ1be the population mean total credit card balance for adults ages 25 to 34 with a college degree and μ2 be the population mean total credit card balance for adults ages 25 to 34 without a college degree.
With College DegreeWithout College Degree
x⎯⎯⎯1=$6,312.91
x⎯⎯⎯2=$5,483.15
n1=271
n2=315
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