A credit card company is interested in investigating spending differences for its cardholders between December and...
A credit card company is interested in investigating spending differences for its cardholders between December and January (they believe cardholders are likely to spend more money in December due to holiday shopping). A random sample of 20 cardholders is selected, and the amount charged to their credit card in December 2014 and January 2015 is recorded. The data collected is summarized in the table below.
| Difference | n | yd | sd |
| Dec - Jan | 20 | 237.325 | 136.5093 |
Estimate the mean difference in charges between the two months using 99% confidence.
- We plan to estimate the mean difference using the following
formula: ¯yd±t(sd√nd)y¯d±t(sdnd) . Explain why this is the
appropriate formula to use.
- Charges in the two months were recorded for the same 20 cardholders.
- All the individuals sampled had the same type of credit card.
- All the individuals sampled had credit charges recorded.
- The data should not be treated as paired.
- Using the table below, the appropriate t-critical point for this interval would be t =
- Calculate the confidence interval: Lower limit = Upper limit = (Round to 4 decimal places.)
- Which of the following conclusions is correct for the interval
calculated?
- With 99% confidence, we estimate the mean amount charged to this credit card by all cardholders in December is less than the mean charged in January by some amount between the limits calculated above.
- With 99% confidence, we conclude there is not a significant difference in the mean amount charged to this credit card by all cardholders in December & January.
- With 99% confidence, we estimate the mean amount charged to this credit card by all cardholders in December is more than the mean charged in January by some amount between the limits calculated above.
Homework Answers
The values given in ydbar and sd have no gaps. I believe taken values in answer are correct.
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A credit card company is interested in investigating spending
differences for its cardholders between December and...
Financial analysts know that January credit card charges will generally be much lower than those of...
Financial analysts know that January credit card charges will generally be much lower than those of the month before. What about the difference between January and the next month? Does the trend continue? The accompanying data set contains the monthly credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below. Click the icon to view the monthly credit card charges. a) Build a regression model to predict February charges from January charges. Feb =...
Spending on credit cards decreases after the Christmas spending season (as measured by amount charged on a credit card...
Spending on credit cards decreases after the Christmas spending season (as measured by amount charged on a credit card in December). The accompanying data set contains the monthly credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below 囲Click the icon to view the monthly credit card charges A. All of the conditions are definitely satisfied B. The Randomization Condition is not satisfied. C. The Equal Spread Condition is not satisfied. D. The Nearly...
8 Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven...
8
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample...
Fina cal ana st ?o that January credit card charges w geno a y be much...
Fina cal ana st ?o that January credit card charges w geno a y be much k r than those o credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below. he month before hat about the diff re co be woen January and the next month? ?? the trend continue? The accompanying data se contains the monthy Click the icon to view the monthly credit card charges. a) Build a regression medel to...
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different...
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean...
Monthly Credit Card charges December January 1545.24 903.07 4302.19 7208.16 4227.61 4242.62 202.81 79.93 3297.71 4046.26...
Monthly Credit Card charges
December January
1545.24 903.07
4302.19 7208.16
4227.61 4242.62
202.81 79.93
3297.71 4046.26
874.73 89.16
3810.51 3291.06
1935.26 2418.75
99.13 83.92
504.72 6.42
410.88 0.00
683.25 564.36
2159.04 2714.58
1123.46 187.11
2509.71 3268.75
1835.18 1523.58
9.95 1360.31
2334.13 732.98
78.55 75.13
101.29 70.22
598.12 633.81
648.44 1041.91
236.13 553.81
1265.72 1016.92
2124.07 1304.08
3.66 249.42
305.91 48.73
1902.23 871.78
559.02 485.04
2448.35 616.27
2799.41 1574.17
531.39 422.91
537.22 769.43
767.24 56.58
1960.36 1486.88
1678.03 495.83
2065.72 1065.31...
A survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertain...
A survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment. Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, with population 1 − population 2, the sample mean difference was d...
January February 902.79 640.77 7208.82 4571.22 4240.01 2271.57 79.89 299.69...
January
February
902.79
640.77
7208.82
4571.22
4240.01
2271.57
79.89
299.69
4038.81
1376.69
89.24
−120.78
3290.41
1928.63
2418.77
2609.13
83.87
144.74
6.42
393.11
0.00
40.41
564.15
295.64
2714.19
850.07
187.25
162.07
3266.22
2411.62
1525.08
957.05
1358.98
38.013
733.71
2656.94
75.12
64.94
70.27
−70.21
633.98
1860.28
1040.93
478.78
554.05
995.75
1016.82
774.36
1304.09
3364.08
249.63
5.53
48.71
96.94
871.96
890.94
485.52
485.28
616.84
1486.08
1572.31
890.16
422.54
392.15
769.75
323.26
56.55
0.00
1486.28
2253.16
495.57
389.88
1064.46
1065.19
510.06
131.43
5646.18
4950.25...
3) A credit card company wants to find out how much, on average, was charged by...
3) A credit card company wants to find out how much, on average, was charged by its card holders last month. The company took a random sample of 100 card holders. An analyst reports that in this study, the average amount charged by card holders in the sample was $1,500 per month. She also reports that based on the information in this study, a 95% confidence interval for the average amount charged by card holders was $1,300 to $1,700 per...
Can Someone please help me with C portion Bank of America's Consumer Spending Survey collected data...
Can Someone please help me with C portion
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population...
Financial analysts know that January credit card charges will generally be much lower than those of the month before. What about the difference between January and the next month? Does the trend continue? The accompanying data set contains the monthly credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below. Click the icon to view the monthly credit card charges. a) Build a regression model to predict February charges from January charges. Feb =...
Spending on credit cards decreases after the Christmas spending season (as measured by amount charged on a credit card in December). The accompanying data set contains the monthly credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below 囲Click the icon to view the monthly credit card charges A. All of the conditions are definitely satisfied B. The Randomization Condition is not satisfied. C. The Equal Spread Condition is not satisfied. D. The Nearly...
8
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample...
Fina cal ana st ?o that January credit card charges w geno a y be much k r than those o credit card charges of a random sample of 99 cardholders. Complete parts a) through e) below. he month before hat about the diff re co be woen January and the next month? ?? the trend continue? The accompanying data se contains the monthy Click the icon to view the monthly credit card charges. a) Build a regression medel to...
Monthly Credit Card charges
December January
1545.24 903.07
4302.19 7208.16
4227.61 4242.62
202.81 79.93
3297.71 4046.26
874.73 89.16
3810.51 3291.06
1935.26 2418.75
99.13 83.92
504.72 6.42
410.88 0.00
683.25 564.36
2159.04 2714.58
1123.46 187.11
2509.71 3268.75
1835.18 1523.58
9.95 1360.31
2334.13 732.98
78.55 75.13
101.29 70.22
598.12 633.81
648.44 1041.91
236.13 553.81
1265.72 1016.92
2124.07 1304.08
3.66 249.42
305.91 48.73
1902.23 871.78
559.02 485.04
2448.35 616.27
2799.41 1574.17
531.39 422.91
537.22 769.43
767.24 56.58
1960.36 1486.88
1678.03 495.83
2065.72 1065.31...
January
February
902.79
640.77
7208.82
4571.22
4240.01
2271.57
79.89
299.69
4038.81
1376.69
89.24
−120.78
3290.41
1928.63
2418.77
2609.13
83.87
144.74
6.42
393.11
0.00
40.41
564.15
295.64
2714.19
850.07
187.25
162.07
3266.22
2411.62
1525.08
957.05
1358.98
38.013
733.71
2656.94
75.12
64.94
70.27
−70.21
633.98
1860.28
1040.93
478.78
554.05
995.75
1016.82
774.36
1304.09
3364.08
249.63
5.53
48.71
96.94
871.96
890.94
485.52
485.28
616.84
1486.08
1572.31
890.16
422.54
392.15
769.75
323.26
56.55
0.00
1486.28
2253.16
495.57
389.88
1064.46
1065.19
510.06
131.43
5646.18
4950.25...
Can Someone please help me with C portion
Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population...
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