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In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation o = $1,000. (a) State the null and alternative hypotheses. O Ho: H = 3,173 H:H # 3,173 O Ho: Hs 3,173 HiH > 3,173 HoiH< 3,173 H: µ2 3,173 O Ho: H > 3,173 H:HS 3,173 Ho:H2 3,173 H:µ < 3,173 (b) What is the test statistic for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to two decimal places.) What is the p-value for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to four decimal places.) p-value = (c) Using a 0.05 level of significance, what is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3.173 renorted in the original renort

In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation o = $1,000. (a) State the null and alternative hypotheses. O Ho: H = 3,173 H:H # 3,173 O Ho: Hs 3,173 HiH > 3,173 HoiH< 3,173 H: µ2 3,173 O Ho: H > 3,173 H:HS 3,173 Ho:H2 3,173 H:µ < 3,173 (b) What is the test statistic for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to two decimal places.) What is the p-value for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to four decimal places.) p-value = (c) Using a 0.05 level of significance, what is your conclusion? O Reject Ho. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3.173 renorted in the original renort

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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You may need to use the appropriate appendix table or technology to answer this question In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation o = $1,000. (a) State the null and alternative hypotheses. Ho: H = 3,173 Ha: u + 3,173 Ho: u< 3,173 Ha: u > 3,173 Hо: и < 3,173 Hiu2 3,173 Но: и> 3,173 На: и s 3,173 Ho:H2 3,173 На: и < 3,173 (b) What is the test statistic for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to two decimal places.) What is the p-value for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to four decimal places.) p-value = (c) Using a 0.05 level of significance, what is your conclusion? Reject Ho. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Do not reject Ho. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Do not reject Ho. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Reject Ho. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.
Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation o = $1,000. (a) State the null and alternative hypotheses. Ho: H = 3,173 Ha: u + 3,173 Ho: u< 3,173 Ha: u > 3,173 Hо: и < 3,173 Hiu2 3,173 Но: и> 3,173 На: и s 3,173 Ho:H2 3,173 На: и < 3,173 (b) What is the test statistic for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to two decimal places.) What is the p-value for a sample of 185 undergraduate students with a sample mean credit card balance of $3,375? (Round your answer to four decimal places.) p-value = (c) Using a 0.05 level of significance, what is your conclusion? Reject Ho. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Do not reject Ho. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Do not reject Ho. There is insufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report. Reject Ho. There is sufficient evidence to conclude that the current population mean credit card balance for undergraduate students has increased compared to the previous all-time high of $3,173 reported in the original report.
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