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In Problems 1 - 3, assume that the population of x values has an approximately normal...
In Problems 1 - 3, assume that the population of x values has an approximately normal distribution. Answers may vary slightly due to rounding to TWO decimals: (a) What is the level of significance? State the null and alternate hypothesis. (b) What sample distribution will use? Write the formula for test statistic and find the value? (c) Find the P-Value of the test statistic. (d) Sketch the graph of sampling distribution and show the area corresponding to P-Value. (e) Based on your answers in parts (a) to (d), will you reject or fail to reject the null hypothesis? (f) Interpret your conclusion in the context of the application. A credit card company claims that the mean credit card debt for individuals is greater than $5000. You want to test this claim. You find that a random sample of 37 cardholders has a mean credit card balance of $5.122 and a standard deviation of s=$625.At ∝ = 0.05, can you support the claim? (20 – Pts) Construct the 90% confidence interval estimate of the mean credit card for individuals.
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