|
Loan Amount |
|
$ 48,500.00 |
|
$ 117,500.00 |
|
$ 57,000.00 |
|
$ 82,000.00 |
|
$ 118,000.00 |
|
$ 70,000.00 |
|
$ 106,000.00 |
|
$ 56,500.00 |
|
$ 39,000.00 |
|
$ 119,000.00 |
|
$ 93,000.00 |
|
$ 11,000.00 |
|
$ 66,000.00 |
|
$ 19,500.00 |
|
$ 106,500.00 |
|
$ 23,000.00 |
|
$ 98,500.00 |
|
$ 30,500.00 |
|
$ 120,500.00 |
|
$ 82,500.00 |
|
$ 102,500.00 |
|
$ 22,000.00 |
|
$ 112,500.00 |
|
$ 112,000.00 |
|
$ 24,500.00 |
|
$ 57,000.00 |
|
$ 74,000.00 |
|
$ 102,500.00 |
|
$ 29,000.00 |
|
$ 81,500.00 |
|
$ 34,000.00 |
|
$ 112,000.00 |
|
$ 68,000.00 |
|
$ 109,500.00 |
|
$ 32,000.00 |
|
$ 32,000.00 |
|
$ 99,000.00 |
|
$ 93,500.00 |
|
$ 95,000.00 |
|
$ 89,000.00 |
|
$ 83,000.00 |
|
$ 117,000.00 |
|
$ 58,000.00 |
|
$ 12,500.00 |
|
$ 102,500.00 |
|
$ 81,000.00 |
|
$ 125,000.00 |
|
$ 63,500.00 |
|
$ 107,500.00 |
|
$ 9,000.00 |
|
$ 110,500.00 |
|
$ 64,500.00 |
|
$ 69,500.00 |
|
$ 71,000.00 |
|
$ 81,500.00 |
|
$ 89,000.00 |
|
$ 61,500.00 |
|
$ 65,000.00 |
|
$ 123,000.00 |
|
$ 65,000.00 |
|
$ 45,000.00 |
|
$ 25,000.00 |
|
$ 17,000.00 |
|
Mean=$72,896.83 SD= $34,206.58 |
|
A) From the data set above, Using the population parameter, test the hypothesis that Loan Amount > $55,000 (use a= 5%) B) Using sample statistics, test the hypothesis that Loan Amount >$55,000 (use a=5%) Thank you very much |
If you will count the total number of observations then it comes out to be 63.
thus, n = 63
Now, standard error for the given situation = SD/ sqrt(63) = 34206.58/ sqrt(63) = 4309.6239
Now, t-statistic for the given problem
t = (72896.83-55000)/4309.6239 = 4.1527
Now,
We need to take the cutoff from the t-distribution of 62 degrees of freedom.
Cutoff can be found from the standard t-distribution table or excel using the function =T.INV(0.95,62)
cutoff will be 1.67
Since, t-statistic is greater than the cutoff, therefore we have enough evidence to reject the Null Hypothesis.
Yes, It is greater than 55000
Loan Amount $ 48,500.00 $ 117,500.00 $ 57,000.00 $ 82,000.00 $