Question: Can someone help? In a study entitled How undergraduate Students use Credit Cards, it was reported that undergraduate students have a mean credit card balance

Can someone help?

In a study entitled How undergraduate Students use Credit Cards, it was

In a study entitled How undergraduate Students use Credit Cards, it was reported that undergraduate students have a mean credit card balance of 33,389. This figure was an all-time high and had increased 45% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. Based on previous studies, use a population standard deviation o = $1,000. a. State the null and alternative hypotheses. v 3,389 v 3,389 b. What is the p-value for a sample of 140 undergraduate students with a sample mean credit card balance of $3,689? If your answer is zero enter "O". z value p-value 3.55 (to 2 decimals) (to 4 decimals) c. using a 0.10 level of significance, what is your conclusion? Conclude that student mean credit card debt is -select your than 33,389.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!