Question
According to recent reports, the average FICO score for Americans is 600. Suppose you obtain a SRS of 22 loan applications and record their credit
According to recent reports, the average FICO score for Americans is 600. Suppose you obtain a SRS of 22 loan applications and record their credit scores: 494, 728, 468, 533, 747, 639, 430, 690, 604, 422, 356, 805, 749, 600, 797, 702, 628, 625, 617, 647, 772, 572 a.) Determine the mean and standard deviation of the credit scores in this sample. b.) Use a 0.10 level of significance to test the claim that the average FICO score is greater than 600. Null: The average FICO score is 600. Alternative: The average FICO score is greater than 600. H_0: H_a: alpha = Test Statistic: t = df = P-value: Conclusion (in a complete sentence):
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