A credit card company claims that the mean credit card debt for individuals is greater than$4,900.You want to test this claim. You find that a random sample of30cardholders has a mean credit card balance of$5,058and a standard deviation of$575.Atα=0.05,can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed.

Sample size, n=30 Sample mean, x¯=5058 Sample sd, s=575 α=0.05

Answered: A credit card company claims that the…

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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A credit card company claims that the mean credit card debt for individuals is greater than

$4,900.

You want to test this claim. You find that a random sample of

cardholders has a mean credit card balance of

$5,058

and a standard deviation of

$575.

α=0.05,

can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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