Question: A bank found that in recent years , the average monthly charge on its credit card was $1,350. With an improving economy, they suspect that
A bank found that in recent years , the average monthly charge on its credit card was $1,350. With an improving economy, they suspect that this amount has increased. A sample of 42 customers resulted in an average monthly charge of $ 1,376.54 with a stan dard deviation of $183.89. Do these data provide sta tistical evidence that the average monthly charge has increased ? Formulate the appropriate hypothesis test and draw a conclusion.
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