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5. It has been reported that the average credit card debt for college seniors is $3262. The student senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2995. The population standard deviation is $1100. With a= 0.05, is the student senate correct?

5. It has been reported that the average credit card debt for college seniors is $3262. The student senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2995. The population standard deviation is $1100. With a= 0.05, is the student senate correct?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Answer a to e based on the number 5 question
For Problems 3 through 5, perform each of the following steps. a. State the hypotheses and identify the claim. b. Find the critical value(s). c. Compute the test value. d. Make the decision. e. Summarize the results.
Transcribed Image Text:For Problems 3 through 5, perform each of the following steps. a. State the hypotheses and identify the claim. b. Find the critical value(s). c. Compute the test value. d. Make the decision. e. Summarize the results.
5. It has been reported that the average credit card debt for college seniors is $3262. The student senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2995. The population standard deviation is $1100. With a= 0.05, is the student senate correct?
Transcribed Image Text:5. It has been reported that the average credit card debt for college seniors is $3262. The student senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2995. The population standard deviation is $1100. With a= 0.05, is the student senate correct?
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