A financial services institution claims that the median amount of credit card debt for families holding...
A financial services institution claims that the median amount of credit card debt for families holding such debts is at least $2300. In a random sample of 104 families with credit card debt, the debts of 60 families were less than $2300 and the debts of 44 families were greater than $2300. At α=0.02, can you reject the institution’s claim?
Homework Answers
as test statisitc is not in rejection region we can not reject null hypothesis
we do not have evidence to reject the institution’s claim.
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A financial services institution claims that the median amount
of credit card debt for families holding...
In Exercises 1-2, (a) identify the claim and state H0 and Ha, (b) find the critical...
In Exercises 1-2, (a) identify the claim and state H0 and Ha, (b) find the critical value, (c) find the test statistic, (d) decide whether to reject or fail to reject the null hypothesis, and (e) interpret the decision in the context of the original claim. 1. A meteorologist claims that the median daily high temperature for the month of July in Pittsburgh is 83 Fahrenheit. The high temperatures (in degrees Fahrenheit) for randomly selected July days in Pittsburgh are...
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $ 5,000. You want to test this claim. You find that a random sample of 34 cardholders has a mean credit card balance of $ 5,228 and a standard deviation of $ 550. At alpha equals 0.10, can you support the claim? Complete parts (b) through (e) below. Assume the population is normally distributed. (b) Find the critical value(s) and identify the rejection region(s)....
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than $5,200. You want to test this claim. You find that a random sample of 38 cardholders has a mean credit card balance of $5,490 and a standard deviation of $675. At a = 0.01, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify Ho and Ha Which of the...
According to a survey, 23.8 % of credit-card-holding families in a certain area hardly ever pay...
According to a survey, 23.8 % of credit-card-holding families in a certain area hardly ever pay off the balance. Suppose a random sample of 29 credit-card-holding familles is taken. Find the probability that at least 4 families hardly ever pay the balance The probability that at least 4 families hardly ever pay off the balance is. (Round to four decimal places as needed.)
According to a survey, 23.8 % of credit-card-holding families in a certain area hardly ever pay off...
According to a lending institution, students graduating from college have an average credit card debt of...
According to a lending institution, students graduating from college have an average credit card debt of $4100. A random sample of 40 graduating seniors was selected, and their average credit card debt was found to be $4428. Assume the standard deviation for student credit card debt is $1,300. Using alphaαequals=0.01, complete parts a through c. a) Does this sample provide enough evidence to challenge the findings by the lending institution? Determine the null and alternative hypotheses. Upper H 0H0: muμ...
A credit card company claims that the mean credit debt for individuals is about $5,000. To...
A credit card company claims that the mean credit debt for individuals is about $5,000. To test this claim, a (type in left, right, or two) [a]-tailed test can be set up. A random sample of 35 card holders has a mean balance $5,150 with a standard deviation $575. What is the P-value of this sample? Round to the nearest hundredth. [b] Is there enough evidence to reject the claim at the significant level 0.05? [c] (type in yes or...
4) A credit card watchdog group claims that cardholders in California have more credit card debt...
4) A credit card watchdog group claims that cardholders in California have more credit card debt than "cardholders in Florida. A random sample of 20 credit card holders from each state are selected. In California, the mean credit card debt was $3400 with a population standard deviation, 0, $950. In Florida, the mean credit card debt was $2900 with a population standard deviation, 62 = $850. Can you support the group's claim? Use a = 0.05. a. Identify the null...
A credit card company claims that the mean credit card debt for individuals is greater than...
A credit card company claims that the mean credit card debt for individuals is greater than S4,900. You want to test this claim. You find that a random sample of 30 cardholders has a mean credit card balance of $5,157 and a standard deviation of $625. At ?= 0.10, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed (a) Write the claim mathematically and identify Ho and Ha Which of the following...
H. continued The average credit card debt for a recent year was $9205. Five years earlier...
H. continued The average credit card debt for a recent year was $9205. Five years earlier the average credit card debt was $6618. Assume sample sizes of 35 were used and the population standard deviations of both samples was $1928. At a 0.05 level of significance test the claim that the recent credit card debt is greater than it was 5 years ago. 2.
According to American Consumer Credit Counseling statistics, credit card debt is the third largest source of...
According to American Consumer Credit Counseling statistics, credit card debt is the third largest source of household indebtedness. The following data were collected from a random sample of 12 credit cards. (See the example on page 354 of your textbook for a similar problem.) Credit Card Balance 3,944.00 7,007.00 2,197.00 2,802.00 7,922.00 4,068.00 15,249.00 15,171.00 7,058.00 14,924.00 4,952.00 16,684.00 Question 2A Can you reject the hypothesis that the mean credit card balance is at least $3860 at a-0.005? Step 1...
A credit card company claims that the mean credit card debt for individuals is greater than $5,200. You want to test this claim. You find that a random sample of 38 cardholders has a mean credit card balance of $5,490 and a standard deviation of $675. At a = 0.01, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed. (a) Write the claim mathematically and identify Ho and Ha Which of the...
According to a survey, 23.8 % of credit-card-holding families in a certain area hardly ever pay off the balance. Suppose a random sample of 29 credit-card-holding familles is taken. Find the probability that at least 4 families hardly ever pay the balance The probability that at least 4 families hardly ever pay off the balance is. (Round to four decimal places as needed.)
According to a survey, 23.8 % of credit-card-holding families in a certain area hardly ever pay off...
4) A credit card watchdog group claims that cardholders in California have more credit card debt than "cardholders in Florida. A random sample of 20 credit card holders from each state are selected. In California, the mean credit card debt was $3400 with a population standard deviation, 0, $950. In Florida, the mean credit card debt was $2900 with a population standard deviation, 62 = $850. Can you support the group's claim? Use a = 0.05. a. Identify the null...
A credit card company claims that the mean credit card debt for individuals is greater than S4,900. You want to test this claim. You find that a random sample of 30 cardholders has a mean credit card balance of $5,157 and a standard deviation of $625. At ?= 0.10, can you support the claim? Complete parts (a) through (e) below. Assume the population is normally distributed (a) Write the claim mathematically and identify Ho and Ha Which of the following...
H. continued The average credit card debt for a recent year was $9205. Five years earlier the average credit card debt was $6618. Assume sample sizes of 35 were used and the population standard deviations of both samples was $1928. At a 0.05 level of significance test the claim that the recent credit card debt is greater than it was 5 years ago. 2.
According to American Consumer Credit Counseling statistics, credit card debt is the third largest source of household indebtedness. The following data were collected from a random sample of 12 credit cards. (See the example on page 354 of your textbook for a similar problem.) Credit Card Balance 3,944.00 7,007.00 2,197.00 2,802.00 7,922.00 4,068.00 15,249.00 15,171.00 7,058.00 14,924.00 4,952.00 16,684.00 Question 2A Can you reject the hypothesis that the mean credit card balance is at least $3860 at a-0.005? Step 1...
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