Question: it has been reported that the average credit card debt for college seniors is $3,262. the student Senate at a large university feels that their

it has been reported that the average credit card debt for college seniors is $3,262. the student Senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2,995, And the population standard deviation is $1,100.

a) is there enough evidence to support the claim at a= 0.05?

b) find a 95? confidence interval for the true average debt of the seniors at the university?

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 Finance Questions!

GAF manufactures electrical cells at its St. Louis facility. The company?s fiscal year-end is September 30. It has adopted the perpetual inventory cost flow method to control inventory costs. The...

Match the correct letter with the symbol Mark the correct symbol for each specification below A) u Bo C) 62 D) x E) S F)$2 G) E Hn Da 18. population average 19. sample average 20. population variance...

It has been reported that the average credit card debt for college seniors at the college book store for a specific college is $3262. The student senate at a large university feels that their seniors...

1) It is claimed that 67% of employers perform a background check when evaluating a new job candidate.One particular employment agency questions this claim and decides to gather data from a random...

Hello I need help with complete solution band explanation. Use a clean paper for the answers. Thank you. Instruction: Answer the following problems using z-test. Use separate sheets and submit it in...

Will give great feedback! :) 1. For the following exercises, perform each of the following steps: a. State the hypotheses and identify the claim. b. Find the critical value(s). C. Compute the test...

In Chapter 10 of the text the author refers to the ways in which the prominence of high-profile institutions exacerbates and highlights problems with student debt, athletic and admissions,...

*** There is the lecture for following to answer three questions :? PROPOSALS TO RAISE THE AVERAGE U.S. HOUSEHOLD SAVINGS RATE: Before we launch into a discussion about various proposals to raise the...

StatCrunch Assignment 1 - Part B (1B) This page explains the assignment. The questions you need to answer are on the next page. A key part of research involves formulating interesting questions then...

I need these questions asked using the scenarios listed on the pdf attached, regarding tax questions. This is pretty much exactly like my test so it will help me study tremendously. Advanced Course...

The amount of heat needed to change solid to liquid solid fusion condensation O cold fusion latent heat of fusion

A resultant force F is necessary to hold the balloon in place. Resolve this force into components along the tether lines AB and AC, and compute the magnitude of each component. Given: F = 350 lb...

6 Which of the following is NOT typically involved in complex financial statement fraud? Chief Financial Officer ( CFO ) Controller Low - level employee Executive - level individual

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...