3. A research reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. A sample of 180 undergraduate students showed a mean credit card balance of $3,325 and the population standard deviation is $1,000. Use 5% significance level to test the claim that undergraduate students have a mean credit card balance more than $3,173. Use both the p-value and conventional approach.

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3. A research reported that undergraduate students have a mean credit card balance of $3,173. This
figure was an all-time high and had increased 44% over the previous five years. Assume that a
current study is being conducted to determine if it can be concluded that the mean credit card
balance for undergraduate students has continued to increase compared to the report. A sample of
180 undergraduate students showed a mean credit card balance of $3,325 and the population
standard deviation is $1,000. Use 5% significance level to test the claim that undergraduate students
have a mean credit card balance more than $3,173. Use both the p-value and conventional
approach.
Transcribed Image Text:3. A research reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. A sample of 180 undergraduate students showed a mean credit card balance of $3,325 and the population standard deviation is $1,000. Use 5% significance level to test the claim that undergraduate students have a mean credit card balance more than $3,173. Use both the p-value and conventional approach.
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