1. According to a survey, the mean credit score is 705.2. 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 49 high-income individuals and found the sample mean credit score to be 715.8 with a standard deviation of 82.4. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the a= 0.05 level of significance State null and alternative hypothesis: Ho: u=705.2 Ha: 7705.2 Z test or T test? Test statistic p value: Conclusion: T test +=0.9005 p= 0.1862 Fail to reject to at a level of significance of 1.05 Ho is the null hypothesis (=, ≥ or ≤ sign) Ha is the alternative hypothesis If population standard deviation is known, choose Z test Otherwise, choose T test "When p is low, reject the Ho" If p< level of significance, REJECT HO If p> level of significance, FAIL TO REJECT Ho
1. According to a survey, the mean credit score is 705.2. 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 49 high-income individuals and found the sample mean credit score to be 715.8 with a standard deviation of 82.4. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the a= 0.05 level of significance State null and alternative hypothesis: Ho: u=705.2 Ha: 7705.2 Z test or T test? Test statistic p value: Conclusion: T test +=0.9005 p= 0.1862 Fail to reject to at a level of significance of 1.05 Ho is the null hypothesis (=, ≥ or ≤ sign) Ha is the alternative hypothesis If population standard deviation is known, choose Z test Otherwise, choose T test "When p is low, reject the Ho" If p< level of significance, REJECT HO If p> level of significance, FAIL TO REJECT Ho
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Using a TI-84 Plus calculator, I need to know the step by step process to calculate these. I don’t need these just written out on paper, but I also need to be shown the every move made into the calculator. Like, ‘STAT’ then ‘TESTS’ then ‘2: T-Test’, and so on.
Transcribed Image Text:1. According to a survey, the mean credit score is 705.2. 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 49 high-income
individuals and found the sample mean credit score to be
715.8 with a standard deviation of 82.4. Conduct the
appropriate test to determine if high-income individuals have
higher credit scores at the a= 0.05 level of significance
State null and alternative hypothesis:
Ho: u=705.2
Ha: 7705.2
Z test or T test?
Test statistic
p value:
Conclusion:
T test
+=0.9005
p= 0.1862
Fail to reject to at a level of significance of 0.05
Ho is the null hypothesis (=, or ≤sign)
Ha is the alternative hypothesis
If population standard deviation is known,
choose Z test
Otherwise, choose T test
"When p is low, reject the Ho"
If p < level of significance, REJECT Ho
If p> level of significance, FAIL TO REJECT HO
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