Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to a recent article about individuals who have credit cards, the mean number of cards per person with credit cards is 4 . To

According to a recent article about individuals who have credit cards, the mean number of cards per person with credit cards is

4

.

To test this result a random survey of

60

individuals who have credit cards was conducted. The survey only includes the number of credit cards per participant. The results of the survey are attached below.

(a) What is the variable of interest in this study? Is it qualitative or quantitative?

(b) Do the results of the survey imply that the mean number of cards per individual is less than

4

?

Use the

alpha

equals0.05

level of significance.

Part 1

(a) What is the variable of interest in this study? Is it qualitative or quantitative?

The variable of interest is

credit score.

number of people.

number of credit cards.

type of credit card.

It is a

quantitative

qualitative

variable.

Part 2

(b) Do the results of the survey imply that the mean number of cards per individual is less than

4

?

Use the

alpha

equals0.05

level of significance. State the null and alternative hypotheses.

Upper H 0

:

ModifyingAbove p with caret

sigma

mu

p

x overbar

s

greater than

equals

less than

not equals

enter your response here

Upper H 1

:

s

mu

x overbar

sigma

ModifyingAbove p with caret

p

greater than

equals

less than

not equals

enter your response here

(Type integers or decimals. Do not round.)

Part 3

Determine the test statistic.

t 0

z 0equalsenter your response here

(Round to two decimal places as needed.)

Part 4

Approximate the P-value.

The P-value is in the range

0.05 less than Upper P dash value less than 0.10 .

0.01 less than Upper P dash value less than 0.05 . Upper P dash value less than 0.01 . Upper P dash value greater than 0.10 .

Part 5

Make a conclusion regarding the hypothesis.

The P-value is

greater

less

than the level of significance.

Do not reject

Reject

the null hypothesis. There

is not

is

sufficient evidence to claim that the mean number of credit cards is

equal to

less than

greater than

4

.

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

Algebra And Trigonometry

Authors: Michael Sullivan

10th Edition

0321999290, 9780321999290

More Books

Students also viewed these Mathematics questions