Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 .

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: Erwin Kreyszig

10th edition

470458364, 470458365, 978-0470458365

More Books

Students also viewed these Mathematics questions