Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Help A bank found that in recent years, the average monthly charge on its credit card was $1.450 With an improving economy, hey suspect

image text in transcribed
image text in transcribed
Question Help A bank found that in recent years, the average monthly charge on its credit card was $1.450 With an improving economy, hey suspect that this amount has increased. A sample of 45 customers resulted in an average monthly charge of $1,476.39 with a standard deviation of $183 28. Do these data provide statistical evidence that the average monthly charge has Increased? Formulate the appropriate hypothesis test and draw a conclusion Use a level of significance of 0.05 Is there sufficient evidence at the 0.05 level of significance that the average monthly charge has increased? Determine the null hypothesis, H. and the alternative hypothesis. Hy HT H (Type whole numbers.) Compute the test statistie D (Round to two decimal places as needed.) Using a level of significance of 0.05, what is the critical value? Enter your answer in each of the answer boxes Question Help A bank found that in recent years, the average monthly charge on its credit card was $1,450. With an improving economy, they suspect that this amount has increased. A sample of 45 customers resulted in an average monthly charge of $1,476.39 with a standard deviation of $183 28. Do these data provide statistical evidence that the average monthly charge has Increased? Formulate the appropriate hypothesis test and draw a conclusion Use a level of significance of 0.06 D Round to two decimal places as needed) Using a level of significance of 0.05, what is the critical value? (Round to two decimal places as needed) Find the p-value for the test (Round to three decimal places as needed.) What is your conclusion? The p-value is the chosen value of a, 60 the full hypothesis. There evidence to conclude that mean is greater than 1,450, Enter your answer in each of the answer boxes

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

Step: 3

blur-text-image

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

SEO Competitor Audit Journal

Authors: Nelz Plummer

1st Edition

B09DDWJGRC, 979-8459748123

More Books

Students also viewed these Accounting questions