A credit bureau analysis of undergradute students' credit records found that the average number of credit cards in an undergraduate's wallet was 4.9 ("Undergradute Students and Credit Cards in 2004," Nellie Mae, May 2005). It was also reported that in a random sample of 121 undergradute, the sample mean number of credit cards that the students said they carried was 2.6. The sample standard deviation was not reported, but for purpose of this exercise, suppose that is was 1.2. Test a hypothesis to check whether there is convincing evidence for the mean number of credit cards that undergradutes report carrying is less than the credit card bureau's figure of 4.09, with a significance level α = 0.01
A credit bureau analysis of undergradute students' credit records found that the average number of credit cards in an undergraduate's wallet was 4.9 ("Undergradute Students and Credit Cards in 2004," Nellie Mae, May 2005). It was also reported that in a random sample of 121 undergradute, the sample
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