recent survey of households in the US with at least two children indicated the mean annual interest paid on household debt was $8,000. A random sample of 12 households reported the following annual paid interest (see attached Excel file). At the .05 significance level is it reasonable to conclude that these households paid less than $8,000 in interest in the past year? Interest7077,5744,6753,7381,7625,6636,7164,7348,8060,5848,9275,7052 Mean interest paid on debt ? (format answer $x,xxx.xx) Standard deviation (format answer xxx.xxxx) Calculated t-value (format answer -x.xx) Critical t-value (format answer x.xxx) p-value associated with calculated t-value (format answer 0.xxxx) Reject or Fail to Reject that the average household pays at least $8,000 interest on their debt annually.
A recent survey of households in the US with at least two children indicated the
Interest7077,5744,6753,7381,7625,6636,7164,7348,8060,5848,9275,7052
Mean interest paid on debt ? (format answer $x,xxx.xx)
Standard deviation (format answer xxx.xxxx)
Calculated t-value (format answer -x.xx)
Critical t-value (format answer x.xxx)
p-value associated with calculated t-value (format answer 0.xxxx)
Reject or Fail to Reject that the average household pays at least $8,000 interest on their debt annually.
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