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Name: 2. A bank found that in recent years, the average monthly charge on i
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Description: 2. A bank found that in recent years, the average monthly charge on its credit card was $1,450. With an improving economy, they suspect that this amount has increased. A sample of 40 customers resulted in an average monthly charge of $1,475.51 wi

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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2. A bank found that in recent years, the average monthly charge on its credit card was $1,450. With an improving economy, they suspect that this amount has increased. A sample of 40 customers resulted in an average monthly charge of $1,475.51 with a standard deviation of$182.41.

Do these data provide statistical evidence that the average monthly charge has increased? Formulate the appropriate hypothesis test and draw a conclusion. Use a level of significance 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,

H0 ___ ___ ___

and the alternative hypothesis,

H1 ___ ___ ___

(Type whole numbers.)

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