According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016? Determine the null and alternative hypotheses. H: u = (Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now
and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c.
...
a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016?
Determine the null and alternative hypotheses.
Ho: H 2
%3D
(Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)
Transcribed Image Text:According to a money report by a government institution, 18-to-20-year-old college students have an average credit card balance of $569. A researcher wants to find out if this number is lower now and collects data for a random sample of 40 college students. Their average credit card debt was found to be $546 with a sample standard deviation of $67.25. Complete parts a through c. ... a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18-to-20-year-old college students has decreased since 2016? Determine the null and alternative hypotheses. Ho: H 2 %3D (Type integers or decimals. Do not round. Do not include the $ symbol in your answers.)
Expert Solution
Step 1

Given that 

n=40

X̄=546

S=67.25

μ=569

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman