Question
A financial managerwants to determine whether taking an online financial planning course offered by his company will help families reduce credit card debt. Ten families
A financial managerwants to determine whether taking an online financial planning course offered by his company will help families reduce credit card debt. Ten families of four are randomly selected to participate. The amount of credit card debt (in thousands) is measured before taking the financial planning course and then one year after completing the course. The results are shownin the table below:
Note: d=(debt before the coursedebt after the course)
Debt before taking the course (in thousands of $) | Debt after taking the course (in thousands of $) |
---|---|
8.9 | 9.5 |
11.4 | 11.1 |
21.9 | 21.1 |
22.1 | 22.0 |
7.9 | 7.6 |
8.9 | 8.6 |
15.6 | 15.2 |
14.7 | 14.2 |
16.2 | 16.1 |
13.9 | 14.0 |
Assume that both of the populations are normally distributed.Is there sufficient evidence at=0.10 to show that credit card debt is lower after taking the financial planning course?
Find the approximate range for the p-value knowing the test statistic is1.77.Use the t-table below to find your answer.
Probability | 0.10 | 0.05 | 0.025 | 0.01 | 0.005 |
Degrees of Freedom | |||||
8 | 1.397 | 1.860 | 2.306 | 2.896 | 3.355 |
9 | 1.383 | 1.833 | 2.262 | 2.821 | 3.250 |
10 | 1.372 | 1.812 | 2.228 | 2.764 | 3.169 |
11 | 1.363 | 1.796 | 2.201 | 2.718 | 3.106 |
12 | 1.356 | 1.782 | 2.179 | 2.681 | 3.055 |
13 | 1.350 | 1.771 | 2.160 | 2.650 | 3.012 |
Provide your answer below:
The p-value falls between and .
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