A paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. The paper also reported that 37.6% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p = 1 3 versus Ha: p > 1 3 H0: p ≠ 1 3 versus Ha: p = 1 3 H0: p < 1 3 versus Ha: p > 1 3 H0: p = 1 3 versus Ha: p ≠ 1 3 H0: p = 1 3 versus Ha: p < 1 3 Find the test statistic and P-value. (Round your test statistic to two decimal places and your P-value to four decimal places.) z = P-value = State the conclusion in the problem context. Fail to reject H0. We do not have convincing evidence that more than one-third of adult Americans would select a wrong answer. Reject H0. We do not have convincing evidence that more than one-third of adult Americans would select a wrong answer. Reject H0. We have convincing evidence that more than one-third of adult Americans would select a wrong answer. Fail to reject H0. We have convincing evidence that more than one-third of adult Americans would select a wrong answer.
A paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below.
"You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?"
Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer.
The paper also reported that 37.6% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p = 1 3 versus Ha: p > 1 3 H0: p ≠ 1 3 versus Ha: p = 1 3 H0: p < 1 3 versus Ha: p > 1 3 H0: p = 1 3 versus Ha: p ≠ 1 3 H0: p = 1 3 versus Ha: p < 1 3 Find the test statistic and P-value. (Round your test statistic to two decimal places and your P-value to four decimal places.) z = P-value = State the conclusion in the problem context. Fail to reject H0. We do not have convincing evidence that more than one-third of adult Americans would select a wrong answer. Reject H0. We do not have convincing evidence that more than one-third of adult Americans would select a wrong answer. Reject H0. We have convincing evidence that more than one-third of adult Americans would select a wrong answer. Fail to reject H0. We have convincing evidence that more than one-third of adult Americans would select a wrong answer.
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