Suppose the National Foundation for Credit Counseling (NFCC) would like to determine if the median credit card debt for individuals ages 50 years or older exceeds the debt of those younger than 50 years. A random sample from each group was selected, and the credit card debt of each person is as follows. These data can also be found in the Excel file NFCC.xlsx.
Perform a hypothesis test use α = 0.05 to determine if the median credit card debt for individuals ages 50 years or older is more than individuals younger than 50 years old.
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