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b. It has been reported that the average credit card debt for the newly employed is $3350. The hiring agency feels that their employees have a debt much less than this, so it conducts a study on 50 randomly selected new employees and finds that the average debt is $3050. Given the population standard deviation is $1000. i. Set up the hypothesis test. At the 0.025 significance level is there enough evidence to suggest the average debt has changed? ii.

b. It has been reported that the average credit card debt for the newly employed is $3350. The hiring agency feels that their employees have a debt much less than this, so it conducts a study on 50 randomly selected new employees and finds that the average debt is $3050. Given the population standard deviation is $1000. i. Set up the hypothesis test. At the 0.025 significance level is there enough evidence to suggest the average debt has changed? ii.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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b. It has been reported that the average credit card debt for the newly employed is $3350. The hiring agency feels that their employees have a debt much less than this, so it conducts a study on 50 randomly selected new employees and finds that the average debt is $3050. Given the population standard deviation is $1000. i. Set up the hypothesis test. At the 0.025 significance level is there enough evidence to suggest the average debt has changed? ii.
Transcribed Image Text:b. It has been reported that the average credit card debt for the newly employed is $3350. The hiring agency feels that their employees have a debt much less than this, so it conducts a study on 50 randomly selected new employees and finds that the average debt is $3050. Given the population standard deviation is $1000. i. Set up the hypothesis test. At the 0.025 significance level is there enough evidence to suggest the average debt has changed? ii.
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