Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consumers with credit scores below 600 have a very difficult time getting approved for car or mortgage loans. Historically 28% of people had a credit
Consumers with credit scores below 600 have a very difficult time getting approved for car or mortgage loans. Historically 28% of people had a credit score below 600. Due to the recent financial crisis, the federal government is concerned that this proportion has increased. To test this hypothesis, a random sample of 400 people was chosen. From this sample, 128 people had credit scores less than 600. Using a = 0.05, complete parts a and b below. a. Does this sample provide support for the government's concern that the proportion of people with credit scores below 600 has increased? Determine the null and alternative hypotheses. Choose the correct answer below. O A. Ho: p = 0.28 OB. Ho: P > 0.28 H1 : p #0.28 H1 : ps0.28 O C. Ho: ps0.28 O D. Ho: p20.28 H1: p > 0.28 H1: p
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