A financial services accountant claims that the median amount of financial debt for families holding such debts

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A financial services accountant claims that the median amount of financial debt for families holding such debts is less than \(\$ 60,000\). In a random sample of 70 families with financial debt, the debts of 24 families were less than \(\$ 60,000\) and the debts of 46 families were greater than \(\$ 60,000\). At \(\alpha=0.025\), can you support the accountant's claim? 

(a) identify the claim and state \(H_{0}\) and \(H_{a}\),

(b) find the critical value,

(c) find the test statistic,

(d) decide whether to reject or fail to reject the null hypothesis,

(e) interpret the decision in the context of the original claim.

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Related Book For  book-img-for-question

Elementary Statistics Picturing The World

ISBN: 9781292260464

7th Global Edition

Authors: Betsy Farber, Ron Larson

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