Question: 7) The average credit card debt for a recent year was $8624. Five years earlier the average 7) credit card debt was $8021. Assume sample

7) The average credit card debt for a recent year was $8624. Five years earlier the average 7) credit card debt was $8021. Assume sample sizes of 32 were used and the population standard deviations of both samples were $1083. Is there evidence to conclude that the average credit card debt has increased? Use a = 0.05. a. State the hypotheses. b. Find the critical value. c. Compute the test statistic. d. Make the decision. e. Summarize the results. A) a. Ho: M1 = M2; H1: M,

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