A report about how American college students manage their finances includes data from a survey of college students. Each person in a representative sample of 793 college students was asked if they had one or more credit cards and if so, whether they paid their balance in full each month. Therewere 500 who paid in full each month. For this sample of 500 students, the sample mean credit card balance was reported to be $825. The sample standard deviation of the credit card balances for these 500 students was not reported, but for purposes of this exercise, suppose that it was $195. Isthere convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907, the value reported for all college students with credit cards? Carry out a hypothesis test using a significance level of 0.01.In USE SALTState the appropriate null and alternative hypotheses.Но: и < 907Н: и > 907Но: и 3D 907На: и # 907a'O Ho: µ = 907H: H < 907Но: и> 907Н: и < 907Ho: H = 907Н: и > 907Find the test statistic and P-value. (Use technology to calculate the P-value. Round your test statistic to one decimal place and your P-value to three decimal places.)t =P-value =State the conclusion in the problem context.O We reject Ho. We have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907.We fail to reject Ho. We have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907.O we fail to reject Ho. We do not have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907.O We reject Ho. We do not have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907.You may need to use the appropriate table in the appendix to answer this question.

Name: A report about how American college students manage their finances in
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Description: A report about how American college students manage their finances includes data from a survey of college students. Each person in a representative sample of 793 college students was asked if they had one or more credit cards and if so, whether they

From the provided information, Sample size (n) = 500 Sample mean (x̅) = 825 Sample standard…

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Statistics

A report about how American college students manage their finances includes data from a survey of college students. Each person in a representative sample of 793 college students was asked if they had one or more credit cards and if so, whether they paid their balance in full each month. There were 500 who paid in full there convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907, the value reported for all college students with credit cards? Carry out a hypothesis test using a significance level of 0.01. each month. For this sample e of 500 students, the sample mean credit card balance was reported to be $825. The sample standard deviation of the credit card balances for these 500 students was not reported, but for purposes of this exercise, suppose that it was $195. Is A USE SALT State the appropriate null and alternative hypotheses. O Hạ: H< 907 H:> 907 O H:= 907 H 907 O Hạ: - 907 H<907 O Hai M> 907 H:< 907 OH:- 907 H> 907 Find the test statistic and P-value. (Use technology to calculate the P-value. Round your test statistic to one decimal place and your P-value to three decimal places.) P-value State the conclusion in the problem context. O We reject Ho. We have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907. O we fail to reject Hg. We have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907. O we fail to reject Ho We do not have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907. O We reject Ho, We do not have convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907. You may need to use the appropriate table in the appendix to answer this question.