In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students...
In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,304. This figure was an all-time high and had increased 41% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. Based on previous studies, use a population standard deviation =$1,500.
a. State the null and alternative hypotheses
H0: u [fill in the blank] 3,304
Ha: u [fill in the blank] 3,304
b. What is the p-value for a sample of 120 undergraduate students with a sample mean credit card balance of $3,506? If your answer is zero enter "0".
z-value = ? (2 decimals)
p-value=? (4 decimals)
c. Using a 0.05 level of significance, what is your conclusion?
Choose: Reject or Do Not Reject
Conclude that student mean credit card debt is [fill in the blank-higher or smaller] than $3,304.
Homework Answers
H0: mu = 3304
Ha: mu > 3304
Test statistic,
z = (3506 - 3304)/(1500/sqrt(120))
z = 1.48
p-value = 0.0701
As p-value > 0.05, fail to reject H0
The student mean credit card debt is smaller than 3304
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