Question

An advertising executive claims that there is a difference in the mean household income for credit cardholders of Visa Gold and of MasterCard Gold. A random survey of 13 Visa Gold cardholders resulted in a mean household income of $68,600 with a standard deviation of $9200. A random survey of 8 MasterCard Gold cardholders resulted in a mean household income of $59,620 with a standard deviation of $10,900. Is there enough evidence to support the executive's claim? Let μ1 be the true mean household income for Visa Gold cardholders and μ2 be the true mean household income for MasterCard Gold cardholders. Use a significance level of α=0.2 for the test. Assume that the population variances are not equal and that the two populations are normally distributed.

Step 2 of 4: Compute the value of the t test statistic. Round your answer to three decimal places.

Step 3 of 4: Determine the decision rule for rejecting the null hypothesis. (Reject H0 if ___)

Step 4 of $: State the tests conclusion. (reject or fail to reject null hypothesis)

Answer 1