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A credit card company claims that the mean credit card debt for individuals is greater than...

A credit card company claims that the mean credit card debt for individuals is greater than $4,900. You want to test this claim. You find that a random sample of 38 cardholders has a mean credit card balance of $5,194 and a standard deviation of $550. At α=0.05​, can you support the​ claim?

Write the claim mathematically and identify H0 and Ha.

Find the critical​ value(s) and identify the rejection​ region(s).

Find the standardized test statistic t.

Decide whether to reject or fail to reject the null hypothesis.

Interpret the decision in the context of the original claim.

Math   Statistics-And-Probability   
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Answer #1

Given : Sample size=n=38

Sample mean=5194

Sample standard deviation=550

Significance level=0.05

Hypothesis : VS

Critical value :

Rejection Region:

The test statistic under Ho is ,

Decision : Here ,

Therefore , reject Ho at 5% significance level.

Conclusion : Hence , there is sufficient evidence to conclude that the mean credit card debt for individuals is greater than $4,900.

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