In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae reported that undergraduate students have a mean credit card balance of $3151. This figure was an all-time high and had increased 45% 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 forundergraduate students has continued to increase compared to the April 2009 report. Based on previous studies, use a population standard deviation σ $900.a. State the null and alternative hypotheses.=Ho: μ- Select your answer -3151Ha: μ- Select your answer -3151b. What is the p-value for a sample of 130 undergraduate students with a sample mean credit card balance of $3418? If your answer is zero enter "0".Z valuep-value(to 2 decimals)(to 4 decimals)c. Using a 0.01 level of significance, what is your conclusion?- Select your answer -Conclude that student mean credit card debt is - Select your answer than $3151.

Null hypothesis: Ho:μ=3151Alternate Hypothesis: Ha:μ>3151The required test statistic is given…

Answered: In a study entitled How Undergraduate…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

high school students across the nation compete in a financial capability challenge each year by taking a national financial capability challage exam. students who score in the top 13 percent are recognized publicly for their achievements by the department of the treasury. assuming a normal distribition, how many standard deviations above the mean does a student have to score to be publicly recongnized?
Solve and sketch the problem. Suppose that the amount of time it takes the Bureau of Internal Revenue (BIR) to send refunds to taxpayers is normally distributed with a mean of 14 weeks and a standard deviation of 1.5 weeks. How long will it take before 45% of taxpayers get their refund?
Suppose that the cost of annual tuition at colleges is normally distributed, with an average annual cost of $13,926.78. The standard deviation of tuition is $4,085.42. What proportion of colleges would be expected to have an annual tuition between the cost of College A with a tuition of $20,106.18 and College B with a tuition of $14,829.01?
The average McDonald's restaurant generates $3.6 million in sales each year with a standard deviation of 0.9. Trent wants to know if the average sales generated by McDonald's restaurants in Kentucky is different than the worldwide average. He surveys 27 restaurants in Kentucky and finds the following data (in millions of dollars): 4.1, 2.8, 4.4, 4.5, 5.3, 5, 3.7, 2.9, 3.8, 4.8, 3.6, 2.3, 3.7, 2.9, 2.9, 4, 1.1, 5.2, 2.9, 5, 4, 4, 5.9, 3.2, 2.2, 4.3, 3.8 Perform a hypothesis test using a 3% level of significance. Step 1: State the null and alternative hypotheses. Ho: [? v] ? v На: ? ? v (So we will be performing a Select an answer test.) Step 2: Assuming the null hypothesis is true, determine the features of the distribution of point estimates using the Central Limit Theorem. By the Central Limit Theorem, we know that the point estimates are Select an answer v with distribution mean and distribution standard deviation Step 3: Find the p-value of the point estimate. P( ? v ? v = P( ? ♥ ?…
Consider the following data and answer the following questions. Monthly Sales (OMR): 25,000 30,000 35,000 45,000 40,000 50,000 20,000 What is the Inter Quartile Range of sales? What is the Quartile Deviation of sales? What is the coefficient of Quartile Deviation of weekly sales?
According to a recent survey, the salaries of assistant professors have a mean of $41,750 and a standard deviation of $7000. Assuming that the salaries of assistant professors follow a normal distribution, find the proportion of assistant professors who earn at least $45,000. Round answer to at least 4 decimal places.
Based on data from the 2000 Census the average age of a Baldwin County, Alabama resident is 39 years with a standard deviation of 22. 6 . The data is normally distributed. The median age, in years, is: Group of answer choices 23 29 39 20
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm. The bank has found that for all personal checking accounts the mean of all the daily balances is $ 800 and the standard deviation is $175. In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model. Question 1. What percentage of the bank's customers carry daily balances between $700 and $1,000? % (Use 2 decimal places in your answer. Note that the answer is requested as a PERCENT, that is, a value between 0 and 100) Example, if you got 0.1234, you should enter it as 12.34 Question 2.The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If the bank does not want to pay interest to more than 4% of its checking account customers, what is the…
Solar energy is considered by many to be the energy of the future. A recent survey was taken to compare the cost of solar energy to the cost of gas or electric energy. Results of the survey revealed that the distribution of the amount of the monthly utility bill of a three-bedroom house using gas or electric energy had a mean of $117 and a standard deviation of $13. If the distribution can be considered normal: Approximately what percentage of homes will have a monthly utility bill less than $78? Note: Do NOT include the "%" sign Do NOT round any decimals, if applicable
A company selling a new type of laptop battery advertises that it has a méan lifetime of 5 years. If you were in charge of quality control at the factory, which one of the following standard deviations of battery life spans would you prefer? 2 months. O 2 years O 5 years 27
In nutrition, the recommended daily allowance of vitamins is a number set by the government to guide an individual's daily vitamin intake. Actually, vitamin needs vary drastically from person to person, but the needs are closely approximated by a normal curve. To calculate the recommended daily allowance, the government first finds the standard deviation and the average need for vitamins among people in the population. The recommended daily allowance is then defined as the mean plus 2.7 times the standard deviation. What fraction of the population will receive adequate amounts of vitamins under this plan? Click here to see page 1 of the table for areas under the standard normal curve. Click here to see page 2 of the table for areas under the standard normal curve. The fraction of the population that will receive adequate amounts of vitamins under the given plan is (Type an integer or decimal rounded to the nearest thousandth as needed.)
Consider a data set that has a mean of 82.7 and a standard deviation of 14.1. According to Chebyshev's Theorem, give an interval that has at least 91.14% of the data.

SEE MORE QUESTIONS

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS