Homework Help is Here – Start Your Trial Now!
Math
Statistics
In 2017, the average credit score for loans that were purchased by a government-sponsored mortgage loan company was 747. A random sample of 35 mortgages recently purchased by the company was selected, and it was found that the average credit score was 756 with a sample standard deviation of 20. Complete parts a through c a. Using a = 0.05, is there enough evidence from this sample to conclude that the average credit score for mortgages purchased by the company has increased since 2017? Determine the null and alternative hypotheses. Hos 747 H₁> 747 (Type integers or decimals. Do not round.) Determine the appropriate critical value. Select the correct choice below and fill in the answer box within your choice. (Round to three decimal places as needed.) A. 1.691 OB- OC./2 Calculate the appropriate test statistic. ₂2.66 (Round to two decimal places as needed.) State the conclusion. Reject Ho. There is sufficient evidence to conclude that the average credit score for mortgages purchased by company has increased since 2017. b. Determine the precise p-value for this test using Excel. The p-value is 0.006 (Round to three decimal places as needed.) c. What assumptions would need to be made to perform this analysis if the sample size were 20? Select all that apply. A. No assumptions are necessary. B. The sample is large. C. The population is normally distributed D. The population standard deviation is small. E. The sample mean is large.

In 2017, the average credit score for loans that were purchased by a government-sponsored mortgage loan company was 747. A random sample of 35 mortgages recently purchased by the company was selected, and it was found that the average credit score was 756 with a sample standard deviation of 20. Complete parts a through c a. Using a = 0.05, is there enough evidence from this sample to conclude that the average credit score for mortgages purchased by the company has increased since 2017? Determine the null and alternative hypotheses. Hos 747 H₁> 747 (Type integers or decimals. Do not round.) Determine the appropriate critical value. Select the correct choice below and fill in the answer box within your choice. (Round to three decimal places as needed.) A. 1.691 OB- OC./2 Calculate the appropriate test statistic. ₂2.66 (Round to two decimal places as needed.) State the conclusion. Reject Ho. There is sufficient evidence to conclude that the average credit score for mortgages purchased by company has increased since 2017. b. Determine the precise p-value for this test using Excel. The p-value is 0.006 (Round to three decimal places as needed.) c. What assumptions would need to be made to perform this analysis if the sample size were 20? Select all that apply. A. No assumptions are necessary. B. The sample is large. C. The population is normally distributed D. The population standard deviation is small. E. The sample mean is large.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
See similar textbooks
icon
Related questions
Question
In 2017, the average credit score for loans that were purchased by a government-sponsored mortgage loan company was 747. A random sample of 35 mortgages recently purchased by the company was selected, and it was found that the average credit score was 756 with a sample standard deviation of 20. Complete parts a through c. C a. Using a = 0.05, is there enough evidence from this sample to conclude that the average credit score for mortgages purchased by the company has increased since 2017? Determine the null and alternative hypotheses. Ho: ≤ 747 H₁: > 747 (Type integers or decimals. Do not round.) Determine the appropriate critical value. Select the correct choice below and fill in the answer box within your choice. (Round to three decimal places as needed.) ta = 1.691 OB. -ta- OC. ta/2= Calculate the appropriate test statistic. t-= 2.66 (Round to two decimal places as needed.) State the conclusion. Reject Ho. There is sufficient evidence to conclude that the average credit score for mortgages purchased by the company has increased since 2017. b. Determine the precise p-value for this test using Excel. The p-value is 0.006 (Round to three decimal places as needed.) c. What assumptions would need to be made to perform this analysis if the sample size were 20? Select all that apply. A. No assumptions are necessary. B. The sample is large. C. The population is normally distributed. D. The population standard deviation is small. E. The sample mean is large.
Transcribed Image Text:In 2017, the average credit score for loans that were purchased by a government-sponsored mortgage loan company was 747. A random sample of 35 mortgages recently purchased by the company was selected, and it was found that the average credit score was 756 with a sample standard deviation of 20. Complete parts a through c. C a. Using a = 0.05, is there enough evidence from this sample to conclude that the average credit score for mortgages purchased by the company has increased since 2017? Determine the null and alternative hypotheses. Ho: ≤ 747 H₁: > 747 (Type integers or decimals. Do not round.) Determine the appropriate critical value. Select the correct choice below and fill in the answer box within your choice. (Round to three decimal places as needed.) ta = 1.691 OB. -ta- OC. ta/2= Calculate the appropriate test statistic. t-= 2.66 (Round to two decimal places as needed.) State the conclusion. Reject Ho. There is sufficient evidence to conclude that the average credit score for mortgages purchased by the company has increased since 2017. b. Determine the precise p-value for this test using Excel. The p-value is 0.006 (Round to three decimal places as needed.) c. What assumptions would need to be made to perform this analysis if the sample size were 20? Select all that apply. A. No assumptions are necessary. B. The sample is large. C. The population is normally distributed. D. The population standard deviation is small. E. The sample mean is large.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 7 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
SEE MORE TEXTBOOKS