O Reading 4. [-/3 Points] DETAILS PODSTAT5 10.E.051. ASK YOUR TEACHER MY NOTES A credit bureau analysis of undergraduate students' credit records found that the average number of credit cards in an undergraduate's wallet was 4.05. It was also reported that in a random sample of 136 undergraduates, the sample mean number of credit cards that the students said they carried was 2.7. The sample standard deviation was not reported, but for purposes of this exercise, suppose that it was 1.2. Is there convincing evidence that the mean number of credit cards that undergraduates report carrying is less than the credit bureau's figure of 4.05? (Use a = 0.05. Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.) t = P-value = State your conclusion. O Reject H.. We do not have convincing evidence that the mean number of credit cards carried by undergraduates is less than the credit bureau's figure of 4.05. O Do not reject H. We do not have convincing evidence that the mean number of credit cards carried by undergraduates is less than the credit bureau's figure of 4.05. O Reject Ha. We have convincing evidence that the mean number of credit cards carried by undergraduates is less than the credit bureau's figure of 4.05. O Do not reject Ho. We have convincing evidence that the mean number of credit cards carried by undergraduates is less than the credit bureau's figure of 4.05. You may need to use the appropriate table in Appendix A to answer this question. Need Help? Read It Viewing Saved Work Revert to Last Response Submit Answer MY NOTES ASK YOUR TEACHER

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Addition Rule of Probability

It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.

Expected Value

When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).

Probability Distributions

Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.

Basic Probability

The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.