Question

A bank found that in recent​ years, the average monthly charge on its credit card was ​$1 comma 300. With an improving​ economy, they suspect that this amount has increased. A sample of 45 customers resulted in an average monthly charge of ​$1 comma 326.61 with a standard deviation of ​$183.36. Do these data provide statistical evidence that the average monthly charge has​ increased? Formulate the appropriate hypothesis test and draw a conclusion. Use a level of significance of 0.05. Is there sufficient evidence at the 0.05 level of significance that the average monthly charge has​ increased? Determine the null​ hypothesis, H0​, and the alternative​ hypothesis, H1.

Compute the test statistic.

Using a level of significance of​ 0.05, what is the critical​ value?

Find the​ p-value for the test.

What is your​ conclusion?

Answer 1

from above:

for hypothesis:

null hypothesis: HO: μ		=	1300
Alternate Hypothesis: Ha: μ		>	1300

  test statistic =0.974

at level of significance of​ 0.05,the critical ​value =1.680

p-value for the test =0.1678

Conclusion: since p value > 0.05 ., we fail to reject the null hypothesis

we do not have have sufficient evidence to conclude that average monthly charge has​ increased