Answer Happy

5) When consumers apply for credit, their credit is rated (in some cases) using FICO scores. A random sample of credit ratings is obtained, and the FICO scores are summarized with these statistics: n= 18,660.3,s=95.9. Assume FICO scores are normally distributed, and use a 0.10 significance level to test the claim that these ratings are from a population with mean that is equal to 700. State the null and alternative hypotheses. Hoιμ = 700 Ha: μ + 700 a) Hous700 Hop 700 b) Ha> 700) Ha:μ = 700 6) See problem #5. State the critical value. a) ±1.734 a) 1.740 b) 11.740 7) See problem #5. Calculate the test statistic. b) 0.970 8) See problem #5. Calculate the pvalue. a) 0.9703 b) 1.7563 c) 2.101 a) (620.9,699.6) b) (594.8, 725.8) c)-2 c) 0,0970 9) See problem #5. Calculate the appropriate confidence interval. c) (621.0, 699.6) Ho: 2700 d) Ha: <700 d)-1.734 d)-1.756 d)-0.9703 d) (612.6, 708.0) 10) See problem #5. State the technical conclusion based on the traditional method. a) The test statistic is further from zero than is the critical value; Reject Ho. b) The test statistic is further from zero than is the critical value; FTR Ho. c) The test statistic is closer to zero than is the critical value; Reject Ho d) The test statistic is closer to zero than is the critical value; FTR Ho.