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Question 2 It has been reported that the average credit card debt for college seniors is...
Question 2
It has been reported that the average credit card debt for college seniors is $3262. The student council 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 $2995, and the population standard deviation is $1100. With α = 0.05, is the student council correct?
a. Write down the null and alternative hypotheses [2 marks]
b. Is this a one or a two tailed test? [1 mark]
c. Find the test value [2 marks]
d. Write the decision [2 marks]
e. Summarize your results [1 mark]
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