23. Bank of America's Consumer Spending Survey collected data on annual credit cardcharges in seven different categories of expenditures: transportation, groceries,dining out, household expenses, home furnishings, apparel, and entertainment.Using data from a sample of 42 credit card accounts, assume that each account wasused to identify the annual credit card charges for groceries (population 1) and theannual credit card charges for dining out (population 2). Using the difference data,the sample mean difference was d=Sd = $1123.$850, and the sample standard deviation wasa. Formulate the null and alternative hypotheses to test for no difference betweenthe population mean credit card charges for groceries and the population meancredit card charges for dining out.b. Use a .05 level of significance. Can you conclude that the population meansdiffer? What is the p-value?c. Which category, groceries or dining out, has a higher population mean annualcredit card charge? What is the point estimate of the difference between thepopulation means? What is the 95% confidence interval estimate of thedifference between the population means?

Given : N=42 dof = N - 1 = 42 - 1 = 41 d = M1 - M2 = 850 SD = 1123 Significance level = 0.05 We…

Answered: 23. Bank of America's Consumer Spending…

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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