Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A study by the Massachusetts Community & Banking Council found that black people, and, to a lesser extent, Latinx, remain largely unable to borrow money
A study by the Massachusetts Community & Banking Council found that black people, and, to a lesser extent, Latinx, remain largely unable to borrow money at the same interest rate as whites ( The Boston Globe, February 28, 2008). The following contingency table shows representative data for the city of Boston, cross-classified by race and type of interest rate received: (You may find it useful to reference the appropriate table: chi-square table or Ftable) nts Type of Interest Rate on Loan High Lower eBook Race Interest Rate Interest Rate Black 553 480 Latino 265 324 Print White 491 3, 701 At the 5% significance level, do the data indicate that the interest rate received on a loan is dependent on race? References a. Choose the appropriate null and alternative hypotheses. Ho: Interest rate received is independent of race.; HA: Interest rate received is dependent on race. OHo: Interest rate received is dependent of race.; HA: Interest rate received is independent on race. b-1. Calculate the value of the test statistic. (Round intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.) Test statistic
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