MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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- A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850 with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 705.6. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 34 high-income individuals and found the sample mean credit score to be 724.4 with a standard deviation of 84.4. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the α=0.05 level of significance. 1) Find: P-value 2) Make a conclusion regarding the hypothesis.arrow_forwardAccording to the Vivino website, suppose the mean price for a bottle of red wine that scores 4.0 or higher on the Vivino Rating System is $32.48. A New England-based lifestyle magazine wants to determine if red wines of the same quality are less expensive in Providence, and it has collected prices for 64 randomly selected red wines of similar quality from wine stores throughout Providence. The mean and standard deviation for this sample are $30.15 and $12, respectively. (a) Develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean price in Providence for a bottle of red wine that scores 4.0 or higher on the Vivino Rating System is less than the population mean of $32.48. (Enter != for # as needed.) Ho: H: (b) Using the sample from the 64 bottles, what is the test statistic? (Round your answer to three decimal places.) Using the sample from the 64 bottles, what is the p-value? (Round your answer to four decimal places.) p-value =…arrow_forward2. Interpret this data.arrow_forward
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