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A bank found that in recent years the average monthly charge on its credit card was $1,350 With an improving economy, they suspect that
A bank found that in recent years the average monthly charge on its credit card was $1,350 With an improving economy, they suspect that this amount has increased A sample of 40 customers resulted in an average monthly charge of $1,376 11 with a standard deviation of $182 57 Do these data provide statistical evidence that the average monthly charge has increased? Formulate the appropriate hypothesis test and draw a conclusion. Use a level of significance of 0.05) Is there sufficient evidence at the 0 05 level of significance that the average monthly charge has increased? Determine the null hypothesis, Ho, and the alternative hypothesis, H, Ho H 1350 H 1350 (Type whole numbers.) Compute the test statistic 0.90 (Round to two decimal places as needed) Using a level of significance of 0.05 what is the critical value? 1.68 (Round to two decimal places as needed) Find the p-value for the test (Round to three decimal places as needed)
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