The Majoring in Money study by Sallie Mae from December 2015 showed that most college students manage their credit cards in a reasonable way. It showed that almost two-thirds of students pay their credit card balance in full every month and 25% of students who own credit cards make partial payments that exceed the minimum amount due. You are curious to find out if credit card payment behavior of students has changed since 2015 and collect data from a random sample of 370 students. You find that 71 students are making partial payments on their credit cards that exceed the minimum amount due. Using α=0.01, complete parts a and b below.
The Majoring in Money study by Sallie Mae from December 2015 showed that most college students manage their credit cards in a reasonable way. It showed that almost two-thirds of students pay their credit card balance in full every month and 25% of students who own credit cards make partial payments that exceed the minimum amount due. You are curious to find out if credit card payment behavior of students has changed since 2015 and collect data from a random sample of 370 students. You find that 71 students are making partial payments on their credit cards that exceed the minimum amount due. Using α=0.01, complete parts a and b below.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 26PPS
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The Majoring in Money study by Sallie Mae from December 2015 showed that most college students manage their credit cards in a reasonable way. It showed that almost two-thirds of students pay their credit card balance in full every month and
25%
of students who own credit cards make partial payments that exceed the minimum amount due. You are curious to find out if credit card payment behavior of students has changed since 2015 and collect data from a random sample of
370
students. You find that
71
students are making partial payments on their credit cards that exceed the minimum amount due. Using
α=0.01,
complete parts a and b below.
Transcribed Image Text:The Majoring in Money study by Sallie Mae from December 2015 showed that most college students manage their credit cards in a reasonable way. It showed that almost two-thirds of students pay their credit card balance in full every month and
25% of students who own credit cards make partial payments that exceed the minimum amount due. You are curious to find out if credit card payment behavior of students has changed since 2015 and collect data from a random sample of 370
students. You find that 71 students are making partial payments on their credit cards that exceed the minimum amount due. Using a = 0.01, complete parts a and b below.
a. Does this sample provide support for the hypothesis that the proportion of students who make partial payments that exceed the minimum amount has decreased since 2015?
Determine the null and alternative hypotheses. Choose the correct answer below.
О А. Но: р-0.25
H1:p#0.25
О В. Но: р> 0.25
H4:ps0.25
Ос. Но: р20.25
H1:p<0.25
O D. Ho: ps0.25
H1:p> 0.25
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