A Credit Card Company Claims That The Mean Credit Card Debt For Individuals Is Greater Than 4 700 You Want To Test Thi 1 (19.77 KiB) Viewed 27 times
A credit card company claims that the mean credit card debt for individuals is greater than $4,700. You want to test this claim. You find that a random sample of 37 cardholders has a mean credit card balance of $4,972 and a standard deviation of $550. At a = 0.05, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify Ho and Ha Which of the following correctly states Ho and H₂? OA. Ho: ≤ $4,700 H₂: μ> $4,700 O D. Ho: μ> $4,700 H₂: μ≤ $4,700 O B. Ho: $4,700 H₂: μ<$4,700 O E. Ho: H=$4,700 H₂: μ> $4,700 Ọ C. Ho: H = $4,700 H₂: μ# $4,700 OF. Ho: μ> $4,700 H₂:μ≤ $4,700
(b) Find the critical value(s) and identify the rejection region(s). What is (are) the critical value(s), to? to = (Use a comma to separate answers as needed. Round to three decimal places as needed.)
Determine the rejection region(s). Select the correct choice below and fill in the answer box(es) within your choice. (Round to three decimal places as needed.) O A. t> O C. <t< OB. t< O D. t< and t>
(c) Find the standardized test statistic t. 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 Ho because the test statistic is in the rejection region. Fail to reject Ho because the test statistic is not in the rejection region. O C. Reject Ho because the test statistic is in the rejection region. O B. O D. Reject Ho because the test statistic is not in the rejection region.
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