In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae reported that undergraduate students have a mean credit card balance of $3357. This figure was an all-time high and had increased 42% 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 April 2009 report. Based on previous studies, use a population standard deviation o = $1400. a. State the null and alternative hypotheses. Ho: μ Ha: H Select your answer - 3357 b. What is the p-value for a sample of 110 undergraduate students with a sample mean credit card balance of $3673? If your answer is zero enter "0". z value Select your answer - 3357 (to 2 decimals) (to 4 decimals) p-value c. Using a 0.02 level of significance, what is your conclusion? - Select your answer - Conclude that student mean credit card debt is Select your answer - than $3357.

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In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae reported that undergraduate students have a mean credit card balance of $3357. This figure was an all-time high and had increased 42% 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 April 2009 report. Based on previous studies, use a population standard deviation = $1400

In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae reported that undergraduate students have a mean credit
card balance of $3357. This figure was an all-time high and had increased 42% 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 April 2009 report. Based on previous studies, use a population standard deviation o = $1400.
a. State the null and alternative hypotheses.
Ho: μ
На: р
Select your answer -
z value
- Select your answer -
3357
3357
b. What is the p-value for a sample of 110 undergraduate students with a sample mean credit card balance of $3673? If your answer is
zero enter "0".
(to 2 decimals)
(to 4 decimals)
p-value
c. Using a 0.02 level of significance, what is your conclusion?
- Select your answer -
Conclude that student mean credit card debt is - Select your answer than $3357.
Transcribed Image Text:In a study entitled How Undergraduate Students Use Credit Cards, Sallie Mae reported that undergraduate students have a mean credit card balance of $3357. This figure was an all-time high and had increased 42% 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 April 2009 report. Based on previous studies, use a population standard deviation o = $1400. a. State the null and alternative hypotheses. Ho: μ На: р Select your answer - z value - Select your answer - 3357 3357 b. What is the p-value for a sample of 110 undergraduate students with a sample mean credit card balance of $3673? If your answer is zero enter "0". (to 2 decimals) (to 4 decimals) p-value c. Using a 0.02 level of significance, what is your conclusion? - Select your answer - Conclude that student mean credit card debt is - Select your answer than $3357.
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