The manager of credit card operations for a small regional bank has determined that last years median
Question:
The manager of credit card operations for a small regional bank has determined that last year’s median credit card balance was $1,989.32. A sample of 18 customer balances this year revealed the following figures, in dollars:
Sample 1 Sample 2 Sample 3 Sample 4 Sample 5 Sample 6 1,827.85 1,992.75 2,012.35 1,955.64 2,023.19 1,998.52 Sample 7 Sample 8 Sample 9 Sample 10 Sample 11 Sample 12 2,003.75 1,752.55 1,865.32 2,013.13 2,225.35 2,100.35 Sample 13 Sample 14 Sample 15 Sample 16 Sample 17 Sample 18 2,002.02 1,850.37 1,995.35 2,001.18 2,252.54 2,035.75 Based on the 18 customer balances sampled, is there enough evidence to allow you to conclude the median balance has changed? Test at the 0.05 level of significance.
Step by Step Answer:
Business Statistics A Decision Making Approach
ISBN: 9780136121015
8th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry, Kent D. Smith