---**Educational Website Content**---### Understanding Credit Scores and Hypothesis Testing in StatisticsA credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 708.2. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 31 high-income individuals and found the sample mean credit score to be 723.3 with a standard deviation of 80.9. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the $ \alpha = 0.05 $ level of significance.#### Steps Involved:1. **State the Null and Alternative Hypotheses:**\[ H_0: \mu = \]\[ H_1: \mu \neq \]*(Type integers or decimals. Do not round.)*2. **Identify the t-statistic:**\[ t_0 = \]*(Round to two decimal places as needed.)*3. **Identify the P-value:**\[ P\text{-value} = \]*(Round to three decimal places as needed.)*4. **Make a Conclusion Regarding the Hypothesis:**\[ \text{\_\_\_\_\_\_\_\_\_\_\_\_ hypotheses.} \]\[ \text{There \_\_\_\_\_\_\_\_\_\_\_\_ sufficient evidence to claim that the mean credit score of high-income individuals is \_\_\_\_\_\_\_\_\_\_\_\_ the mean credit score of the general population.} \]#### Explanation:1. **State the Null and Alternative Hypotheses:** - The null hypothesis ($ H_0 $) states that the mean credit score of high-income individuals is equal to the mean credit score of the general population. - The alternative hypothesis ($ H_1 $) states that the mean credit score of high-income individuals is different from the mean credit score of the general population.2. **Identify the t-statistic:** - The t-statistic is a ratio that compares the difference between the sample and population means relative to the variability in the sample data.3. **Identify the P-value:** -

Answered: Image /qna-images/answer/daf41d17-2634-4980-a98a-63386c26a5f8.jpg

Answered: A credit score is used by credit…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Each year, researchers at the U.S. Bureau of Labor Statistics (BLS) administer the American Time Use Survey (ATUS). Researchers estimate the average amount of time Americans spend on daily activities, such as working, housework, and leisure activities. In particular, one activity that is of interest is the average amount of time Americans spend watching television each day. A researcher complied a random sample of 12 Americans and asked each person how much time they spent watching television each day. The results are given below. 2.7 2.3 3.4 0.6 4.8 1.8 3.7 4.8 1.8 4.6 4.2 1.6 Determine the point estimate, x¯ and the sample standard deviation, s. Round the solutions to four decimal places, if necessary. xwith the - on top of x = s= Using a 98% confidence level, determine the margin of error, E, and a confidence interval for the average time Americans spend watching television each day. Report the confidence interval using interval notation. Round solutions to two decimal…
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. ACcording to a survey, the mean credit score is 702.6. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 36 high-income individuals and found the sample mean credit score to be 713.5 with a standard deviation of 83.3. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the a = 0.05 level of significance. State the null and alternative hypotheses. Ho: H H: p (Type integers or decimals. Do not round.) Identify the t-statistic. to = (Round to two decimal places as needed.) Identify the P-value. P-value = (Round to three decimal places as needed.) Make a conclusion regarding the hypothesis. V the null hypothesis.…
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 701.5.A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 38high-income individuals and found the sample mean credit score to be 721.2 with a standard deviation of 84.5. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the α=0.05 level of significance. State the null and alternative hypotheses. H0:μ=701.5 H1:μ>701.5 Identify the t-statistic. t0=_____ (Round to two decimal places as needed.)
A company surveyed adult Americans about their consumer debt. The article reported that 48% of millennials (those born between 1980 and 1996) and 62% of Gen Xers (those born between 1965 and 1971) did not pay off their credit cards each month, and therefore carried a balance from month to month. Suppose that these percentages were based on representative samples of 450 millennials and 300 Gen Xers. Is there convincing evidence that the proportion of Gen Xers who do not pay off their credit cards each month is greater than this proportion for millennials? Test the appropriate hypotheses using a significance level of 0.05. (Let p1 be the proportion of Gen Xers who do not pay off their credit cards each month, and p2 be the proportion of Millennials who do not pay off their credit cards each month.) State the appropriate null and alternative hypotheses. H0: p1 − p2 = 0 Ha: p1 − p2 > 0 H0: p1 − p2 = 0 Ha: p1 − p2 < 0 H0: p1 − p2 > 0 Ha: p1 − p2 < 0 H0: p1 − p2 <…
Is it defense or offense that wins football games? The accompanying data file includes a team’s winning record (Win in %), the average number of yards gained, and the average number of yards allowed during a recent NFL season. Team Win Yards_Gained Yards_Allowed Arizona Cardinals 46.9 366.8 305.2 Atlanta Falcons 68.8 415.8 371.2 Baltimore Ravens 50.0 347.7 322.1 Buffalo Bills 43.8 354.1 357.0 Carolina Panthers 37.5 343.7 359.8 Chicago Bears 18.8 356.5 346.8 Cincinnati Bengals 40.6 356.9 350.8 Cleveland Browns 6.2 311.0 392.4 Dallas Cowboys 81.2 376.7 343.9 Denver Broncos 56.2 323.1 316.1 Detroit Lions 56.2 338.8 354.8 Green Bay Packers 62.5 368.8 363.9 Houston Texans 56.2 314.7 301.3 Indianapolis Colts 50.0 364.4 382.9 Jacksonville Jaguars 18.8 334.9 321.7 Kansas City Chiefs 75.0 343.0 368.5 Miami Dolphins 25.0 262.7 337.0 Minnesota Vikings 62.5 332.8 382.6 New England Patriots 50.0 315.1 314.9 New Orleans Saints 87.5 386.2 326.4 New York…
Professional athletes are threatening to strike because they claim that they are underpaid. The team owners have released a statement that says, “The average salary for players was $1.2 million last year.” The players counter with their own statement that says, in part, “The average players earned only $750,000 last year.” Is either side necessarily lying? Hearing this on the news, what questions would you ask about these statistics?
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 701.5. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 38 high-income individuals and found the sample mean credit score to be 721.2 with a standard deviation of 84.5. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the α=0.05 level of significance. State the null and alternative hypotheses. H0:μ ▼ greater than> not equals≠ equals= less than< nothing H1: μ ▼ greater than> less than< not equals≠ equals= ____
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 700.4. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 34 high-income individuals and found the sample mean credit score to be 716.2 with a standard deviation of 81.1. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the a= 0.05 level of significance. Но н = 700.4 H₁ H700.4 (Type integers or decimals. Do not round.) Identify the t-statistic. to = (Round to two decimal places as needed.) Help me solve this Get more help. View an example Clear all Check answer Type here to search B 1:35 PM 6/18/2022 WE O (?) 95°F Mostly sunny
Each year, researchers at the U.S. Bureau of Labor Statistics (BLS) administer the American Time Use Survey (ATUS). Researchers estimate the average amount of time Americans spend on daily activities, such as working, housework, and leisure activities. In particular, one activity that is of interest is the average amount of time Americans spend watching television each day A researcher complied a random sample of 14 Americans and asked each person how much time they spent watching television each day. The results are given below. 2.11.3 0.9 3.3 2.3 1 4 2 3.1 0.8 4.4 1.5 2.2 3 Determine the point estimate , and the sample sadard deviation , Round the solutions to four decimal overline x places , if necessary . overline x = Box; s = Using a 98% confidence level , determine the margin of error, E, and a confidence interval for the average time Americans spend watching television each dayReport the confidence interval using interval notation Round solutions to two decimal places , if…
Make a conclusion regarding the hypothesis .
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 707.9. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 34 high-income individuals and found the sample mean credit score to be 721.5 with a standard deviation of 80.9. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the α=0.05 level of significance.
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 703.7. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 41 high-income individuals and found the sample mean credit score to be 715.6 with a standard deviation of 82.5. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the a= 0.05 level of significance. State the null and alternative hypotheses. Hou H₁: H (Type integers or decimals. Do not round.) Identify the t-statistic. to = (Round to two decimal places as needed.) Identify the P-value.

SEE MORE QUESTIONS

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS