In a study titled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students had an average credit card balance of $2800. This figure is the highest of all time and has increased by 44% from the previous five years. Assume that studies are currently being conducted to determine whether it can be concluded that the average credit card balance for undergraduate students continues to increase compared to the original report.

Known:

= $1700

n = 100 students

= $3300

Questions:

A. State zero hypotheses and alternatives.

B. Calculate statistical test values.

c. What is p-value?

d. Using a significance level of 0.01, what is your conclusion?