In 2009 the UK Students Union conducted a study into Student credit card debt. They found that undergraduates students have a mean credit card balance of £3173. The figure is an all- time high having increased 44% over the previous five years. Assume that a current study is being conducted to see whether it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the April 2009 report. Based on previous studies, use a population standard deviation σ = £1000 State the null and alternative hypothesis What is the p-value for a sample of 180 students with a sample mean credit card balance of £3325? Using a 0.05 level of significance, what is your conclusion?

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.