Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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
image text in transcribed
image text in transcribed
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

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_2

Step: 3

blur-text-image_3

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

The Vest Pocket Controller

Authors: Steven M. Bragg

1st Edition

0470593733, 978-0470593738

More Books

Students also viewed these Accounting questions

Question

Complexity of linear search is O ( n ) . Your answer: True False

Answered: 1 week ago