A credit card company claims that the mean credit card debt for individuals is greater than $5,000. You want to test this claim. You find that a random sample of 31 cardholders has a mean credit card balance of $5,108 and a standard deviation of $625. At c= 0.10, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify H0 and Ha (b) Find the critical values) and identify the rejection region(s). (c) Find the standardized test statistic t. (d) Decide whether to reject or fail to reject the null hypothesis. (e) Interpret the decision in the context of the original claim.
A credit card company claims that the mean credit card debt for individuals is greater than $5,000. You want to test this claim. You find that a random sample of 31 cardholders has a mean credit card balance of $5,108 and a standard deviation of $625. At c= 0.10, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify H0 and Ha (b) Find the critical values) and identify the rejection region(s). (c) Find the standardized test statistic t. (d) Decide whether to reject or fail to reject the null hypothesis. (e) Interpret the decision in the context of the original claim.
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 $5,000. You want to test this claim. You find that a random sample of 31 cardholders has a mean credit card balance of $5,108 and a standard deviation of $625. At c= 0.10, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed.
(a) Write the claim mathematically and identify H0 and Ha
(b) Find the critical values) and identify the rejection region(s).
(c) Find the standardized test statistic t.
(d) Decide whether to reject or fail to reject the null hypothesis.
(e) Interpret the decision in the context of the original claim.
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