USA TODAY reported that 21% of loans granted by credit unions were for home mortgages, 39% were for automobile purchases, 20% were for credit card and other unsecured loans, 12% were for real estate other than home loans, and 8% were for other miscellaneous needs. To see if her credit union customers had similar needs, a manager surveyed a random sample of 100 loans and found that 25 were for home mortgages, 44 for automobile purchases, 19 for credit card and other unsecured loans, 8 for real estate other than home loans, and 4 for miscellaneous needs. At α = 0.05, is the distribution the same as reported in the newspaper?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 28PPS
icon
Related questions
Question

 USA TODAY reported that 21% of loans granted by credit unions were for home mortgages, 39% were for automobile purchases, 20% were for credit card and other unsecured loans, 12% were for real estate other than home loans, and 8% were for other miscellaneous needs. To see if her credit union customers had similar needs, a manager surveyed a random sample of 100 loans and found that 25 were for home mortgages, 44 for automobile purchases, 19 for credit card and other unsecured loans, 8 for real estate other than home loans, and 4 for miscellaneous needs. At α = 0.05, is the distribution the same as reported in the newspaper?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

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
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL