Case:

 In a study, it was reported that undergraduate students had an average credit card balance of $ 2800. This figure is an all-time high and has increased 44% from the previous five years. Assume that a study is currently underway to determine whether it can be concluded that the average credit card balance for undergraduate students continues to increase compared to the original report.
Known:
σ = $ 1700
n = 100 students

Question:a. State the null and alternative hypotheses.
b. Calculate the statistical test value.
c. What is the p-value?
d. Using the 0.01 significance level, what would your conclusions be?

Transcribed Image Text:

x= $3300 x= $3300