A Credit Card Company Claims That The Mean Credit Card Debt For Individuals Is Greater Than 4 500 You Want To Test Thi 1 (20.59 KiB) Viewed 19 times
A Credit Card Company Claims That The Mean Credit Card Debt For Individuals Is Greater Than 4 500 You Want To Test Thi 2 (37.83 KiB) Viewed 19 times
A credit card company claims that the mean credit card debt for individuals is greater than $4.500. You want to test this claim. You find that a random sample of 32 carpholders has a mean credit card balance of $4,904 and a standard deviation of $600. At a-0.01, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed (a) Write the claim mathematically and identity Ho and H₂. Which of the following correctly states Ho and H,? OA $4,800 H$4,8001 OD. H$4,800 H$4.800 OBH-$4,904 (b) Find the critical value(s) and identify the rejection region What istare) the critical value(s)? Critical value(a) = (Use a comma to separate answers as needed. Round to three decimal places as needed) Determine the rejection region. Select the correct choice below and fill in the answer boxes) within your choce (Round to three decimal places as needed) OA. 14 and 1> OC. te OC. $4,000 $4,000
OC. 1< (c) Find the standardized test statistic t. (Round to two decimal places as needed.) (d) Decide whether to reject or fail to reject the null hypothesis. O A. Fail to reject H, because the test statistic is in the rejection region. B. Fail to reject Ho because the test statistic is not in the rejection region. C. Reject H, because the test statistic is not in the rejection region. OD. Reject H, because the test statistic is in the rejection region. KIDE OD. t> (e) Interpret the decision in the context of the original claim. OA. At the 1% level of significance, there is not sufficient evidence to support the claim that the mean credit card debt is greater than $4,800. OB. At the 1% level of significance, there is sufficient evidence to support the claim that the mean credit card debt is less than $4,800. OC. At the 1% level of significance, there is sufficient evidence to support the claim that the mean credit card debt is greater than $4,800. OD. At the 1% level of significance, there is not sufficient evidence to support the claim that the mean credit card debt is less than $4,800.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!