Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 706.1 A credit analyst wondered whether high-'ncome individuals (incomes in excess of $100,000 per year] had higher credit scores. He obtained a random sample at 41 high-'ncome individuals and found the sample mean credit score to be T205 with a standard deviation of 83.9. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the n = 0.05 level of signicance. um... u\". m... u. .u \"um-mun. u, Pullluuuu. H041 = 706.? HI: [1 > 706.? {Type integers or decimals. Do not round.) Identity the testatistic to = [Round to two decimal places as needed.) Identity the Pvalue. P-value = [Round to three decimal places as needed.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started