R2 A bank found that in recent years, the average monthly charge on its credit card was $1,400. With an improvingeconomy, they suspect that this amount has increased. A sample of 45 customers resulted in an average monthlycharge of $1,426.17 with a standard deviation of $183.81. Do these data provide statistical evidence that the averagemonthly charge has increased? Formulate the appropriate hypothesis test and draw a conclusion. Use a level ofsignificance of 0.05.Is there sufficient evidence at the 0.05 level of significance that the average monthly charge has increased?Determine the null hypothesis, H,, and the alternative hypothesis, H,.Ho:H;:(Type whole numbers.)Compute the test statistic.|(Round to two decimal places as needed.)Using a level of significance of 0.05, what is the critical value?|(Round to two decimal places as needed.)Find the p-value for the test.| (Round to three decimal places as needed.)What is your conclusion?The p-value isthe chosen value of a, sothe null hypothesis. There isevidence to conclude that mean is greater than 1,400.insufficientsufficientPlease provide the final answers in the formatlike the picture above.For the conclusion, the choices are 1st boxgreater than/ less than , 2nd box reject/do notreject.Thank you

Name: R2 A bank found that in recent years, the average monthly charge on it
Uploaded: 2024-03-20T06:46:03.000Z
Channel: Bartleby
Description: R2 A bank found that in recent years, the average monthly charge on its credit card was $1,400. With an improvingeconomy, they suspect that this amount has increased. A sample of 45 customers resulted in an average monthlycharge of $1,426.17 with a s