### Credit Card Usage StudyAccording to a recent article about individuals who have credit cards, the mean number of cards per person with credit cards is 4. To test this result, a random survey of 60 individuals who have credit cards was conducted. The survey only includes the number of credit cards per participant. The results of the survey are attached below.#### Research Questions**(a) What is the variable of interest in this study? Is it qualitative or quantitative?****(b) Do the results of the survey imply that the mean number of cards per individual is less than 4? Use the \(\alpha = 0.05\) level of significance:****Resources:**- [Click here to view the data from the survey](#)- [Click here to view the standard normal distribution table (page 1)](#)- [Click here to view the standard normal distribution table (page 2)](#)- [Click here to view the table of critical t-values](#)#### Response Input**(a) What is the variable of interest in this study? Is it qualitative or quantitative?**The variable of interest is **\**. It is a **\** variable.**(b) Do the results of the survey imply that the mean number of cards per individual is less than 4? Use the \(\alpha = 0.05\) level of significance. State the null and alternative hypotheses:****Null Hypothesis (\(H_0\))**: The mean number of credit cards per individual is equal to 4 (\(\mu = 4\)).**Alternative Hypothesis (\(H_1\))**: The mean number of credit cards per individual is less than 4 (\(\mu < 4\)). ### Number of Credit Cards Per ParticipantIn this table, data represents the number of credit cards owned by individual participants. The participants' counts are arrayed across the columns as follows:| | | | | | | | | | | ||---|---|---|---|---|---|---|---|---|---|---|| 3 | 3 | 3 | 3 | 3 | 4 | 6 || 1 | 3 | 2 | 3 | 4 | 3 | 5 || 2 | 2 | 7 | 4 | 2 | 4 || 2 | 4 | 2 | 2 | 4 | 7 | 2 || 2 | 2 | 4 | 2 | 3 | 4 || 2 | 4 | 4 | 4 | 4 | 2 | 4 || 2 | 4 | 2 | 2 | 4 | 2 || 9 | 4 | 1 | 15 | 2 | 4 || 2 | 4 | 2 | 4 | 4 | 8 | 4 || 4 | 4 | 3 | 8 | 1 | 1 | 3 |- ***Explanation:*** - **Columns:** Each column depicts the number of credit cards a participant possesses. - **Rows:** Each row lists an individual participant's credit card count, showcasing the diversity among participants. This data can be utilized to analyze the distribution and frequency of credit card ownership among participants, providing insights into financial behaviors and trends. This table might be particularly useful in courses on statistics, marketing, finance, or social studies to help students understand how to interpret and analyze real-world data.

The number of observations n is 60.

Answered: According to a recent article about…

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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