According to a 2016 report by Fannie Mae, 39% of 18-to 20-year-old students use credit cards for
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According to a 2016 report by Fannie Mae, 39% of 18-to 20-year-old students use credit cards for everyday purchases. Suppose a local bank believes that this share will increase over time because of shopping behaviors of students. To test this hypothesis, a random sample of 275 students was selected, 126 of whom use credit cards for everyday purchases. Using α = 0.05, answer the following.
a. State the null and alternative hypothesis.
b. Based on this sample, what conclusions can be drawn for this test?
c. Determine the p-value for this test and interpret its meaning.
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a H 0 p 039 status quo H 1 p 039 b This sample provid...View the full answer
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