Question
A credit score is used by credit agencies (such as mortgage companies and banks) to assess...
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is
709.1
.
A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of
32
high-income individuals and found the sample mean credit score to be
725.7
with a standard deviation of
84.5
.
Conduct the appropriate test to determine if high-income individuals have higher credit scores at the
alpha
equals0.05
level of significance.
State the null and alternative hypotheses.
Upper H 0
:
mu
▼
not equals
greater than
less than
equals
nothing
Upper H 1
:
mu
▼
equals
not equals
less than
greater than
nothing
(Type integers or decimals. Do not round.)
Identify the t-statistic.
t 0
equalsnothing
(Round to two decimal places as needed.)
Identify the P-value.
P-valueequals
nothing
(Round to three decimal places as needed.)
Make a conclusion regarding the hypothesis.
▼
Reject
Fail to reject
the null hypothesis. There
▼
is
is not
sufficient evidence to claim that the mean credit score of high-income individuals is
▼
equal to
greater than
less than
nothing
.
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