In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae 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 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 = $1,000. For a sample of 180 undergraduate students with a sample mean credit card balance of $3,325, using a 0.05 level of significance, what is your conclusion?
In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae 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 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 = $1,000. For a sample of 180 undergraduate students with a sample mean credit card balance of $3,325, using a 0.05 level of significance, what is your conclusion?
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
Related questions
Question
In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae 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 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 = $1,000.
For a sample of 180 undergraduate students with a sample mean credit card balance of $3,325, using a 0.05 level of significance, what is your conclusion?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt