Question

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   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 $5,000. You want to test this claim. You find that a random sample of 33 cardholders has a mean credit card balance of $5,232 and a standard deviation of $675. At alpha α= 0.01​ can you support the​ claim? Complete parts​ (a) through​ (e) below. Assume the population is normally distributed.​ (a) Write the claim mathematically and identify H0 and Ha. Which of the...
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 $ 5 comma 000. You want to test this claim. You find that a random sample of 36 cardholders has a mean credit card balance of $ 5 comma 168 and a standard deviation of $ 575. At alpha equals 0.05?, can you support the? claim? Complete parts? (a) through? (e) below. Assume the population is normally distributed. ?(a) Write the claim mathematically and...
A humane society claims that less than 33​% of U.S. households own a dog. In a...
A humane society claims that less than 33​% of U.S. households own a dog. In a random sample of 404 U.S.​ households, 152 say they own a dog. At a =0.10​, is there enough evidence to support the​ society's claim? ​(a) Write the claim mathematically and identify H0 and Ha. ​(b) Find the critical​ value(s) and identify the rejection​ region(s). (c) Find the standardized test statistic.​ (d) Decide whether to reject or fail to reject the null​ hypothesis, and​ (e)...
A humane society claims that less than 34​% of U.S. households own a dog. In a...
A humane society claims that less than 34​% of U.S. households own a dog. In a random sample of 399 U.S.​ households, 151 say they own a dog. At alphaequals0.04​, is there enough evidence to support the​ society's claim? ​(a) Write the claim mathematically and identify Upper H 0 and Upper H Subscript a. ​(b) Find the critical​ value(s) and identify the rejection​ region(s). (c) Find the standardized test statistic.​ (d) Decide whether to reject or fail to reject the...
A credit reporting agency claims that the mean credit card debt in a town is greater...
A credit reporting agency claims that the mean credit card debt in a town is greater than $3500. A random sample of the credit card debt of 20 residents in that town has a mean credit card debt of $3619 and a standard deviation of $391. At α=0.10, can the credit agency’s claim be supported? Yes, since p-value of 0.19 is greater than 0.10, fail to reject the null. Claim is null, so is supported No, since p-value of 0.09...
An employment information service claims the mean annual pay for​ full-time male workers over age 25...
An employment information service claims the mean annual pay for​ full-time male workers over age 25 without a high school diploma is ​$22,300.The annual pay for a random sample of 10 ​full-time male workers over age 25 without a high school diploma is listed. At α=0.10​, test the claim that the mean salary is ​$22,300. Assume the population is normally distributed. 20,651 21,135 22,350 21,396 22,974 16,916 19,150 23,190 24,189 26,286 ​(a) Write the claim mathematically and identify Ho and...
A medical researcher says that less than 24​% of adults in a certain country are smokers....
A medical researcher says that less than 24​% of adults in a certain country are smokers. In a random sample of 200 adults from that​ country, 17.5​% say that they are smokers. At α=0.05​, is there enough evidence to support the​ researcher's claim? Complete parts​ (a) through​ (e) below. (a) Identify the claim and state H0 and HA (b) Find the critical​ value(s) and identify the rejection​ region(s). (c) Find the standardized test statistic z (d) Decide whether to reject...
An insurance agent says the standard deviation of the total hospital charge for patients involved in...
An insurance agent says the standard deviation of the total hospital charge for patients involved in a crash in which the vehicle struck a construction barricade is less than $4100. A random sample of 30 total hospital charges for patients involved in this type of crash has a standard deviation of $5100. At =0:05, can you support the agent s claim? (a) Write the claim mathematically and identify H0 and Ha: (b) Find the critical value(s) and identify the rejection...
A personnel director in a particular state claims that the mean annual income is greater in...
A personnel director in a particular state claims that the mean annual income is greater in one of the​ state's counties​ (county A) than it is in another county​ (county B). In County​ A, a random sample of 13 residents has a mean annual income of $42,000 and a standard deviation of $8800. In County​ B, a random sample of 11 residents has a mean annual income of $37,700 and a standard deviation of $5700. At At alphaαequals= 0.025 answer...
A used car dealer says that the mean price of a​ three-year-old sports utility vehicle is...
A used car dealer says that the mean price of a​ three-year-old sports utility vehicle is ​$21,000. You suspect this claim is incorrect and find that a random sample of 21 similar vehicles has a mean price of ​$21,857 and a standard deviation of ​$1976. Is there enough evidence to reject the claim at alphaα=0.05​? Complete parts​ (a) through​(e) below. Assume the population is normally distributed.​(a) Write the claim mathematically and identify H0 and Ha. Which of the following correctly...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT