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Name: A credit score is used by credit agencies (such as mortgage companies
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Description: 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 surv

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 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

700.8.

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

high-income individuals and found the sample mean credit score to be

712.6

with a standard deviation of

81.5.

Conduct the appropriate test to determine if high-income individuals have higher credit scores at the

α=0.05

level of significance.

What is the t statistic and the p-value?

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