In a nationally representative sample of 1,668 adult Americans, 510 indicated that they had checked their credit score within the last 12 months. Suppose of the 510 people that had checked their credit report within the last 12 months, 39% had done so as part of their regular financial planning. Does this provide convincing evidence that more than one-third of adult Americans who have checked their credit scores within the past 12 months did so as part of regular financial planning? Carry out a test using a significance level of 0.01. Find the test statistic and P-value. (Use a table or SALT. 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 have convincing evidence that more than one-third of adult Americans who have checked their credit scores within the past 12 months did so as part of regular financial planning.Fail to reject H0. We do not have convincing evidence that more than one-third of adult Americans who have checked their credit scores within the past 12 months did so as part of regular financial planning. Reject H0. We do not have convincing evidence that more than one-third of adult Americans who have checked their credit scores within the past 12 months did so as part of regular financial planning.Reject H0. We have convincing evidence that more than one-third of adult Americans who have checked their credit scores within the past 12 months did so as part of regular financial planning.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
In a nationally representative sample of 1,668 adult Americans, 510 indicated that they had checked their credit score within the last 12 months. Suppose of the 510 people that had checked their credit report within the last 12 months, 39% had done so as part of their regular financial planning. Does this provide convincing evidence that more than one-third of adult Americans who have checked their credit scores within the past 12 months did so as part of regular financial planning? Carry out a test using a significance level of 0.01.
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