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please help and thank you in advance A bank found that in recent years, the average monthly charge on its credit card was $1,400. With
please help and thank you in advance
A bank found that in recent years, the average monthly charge on its credit card was $1,400. With an improving econorny, they suspect that this amount has increased. A sample of 42 customers resulted in an averaoe monthly charoe of $1.425.67 with a standard deviation of $183.22. Do these data orovide statistical evidence that the averaon monthiv charoe Is there sufficient evidence at the 0.05 lovel of significance that the average monthly charge has increased? Desermine the null hypothesis, H0 and the altemative fypothesis, H1, H0 H1: Compute the tost statistic. (Round to two decimal places as needed) Using a level of significence of 0.05, what is the citical valiut? Find the p-value for the test. (Round to three decimal places as needed) What is your conclusion? The p-ivalue is the chosen value of a, so the rull hpoleses. There a fvidence to conolude that mean ia greater than 1.400 Step by Step Solution
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