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In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,053. This figure was an all-time high and had increased 41% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. Based on previous studies, use a population standard deviation o = a. State the null and alternative hypotheses. Но: и - Select your answer - ♥ 3,053 На: - Select your answer - ♥ 3,053 b. What is the p-value for a sample of 160 undergraduate students with a sample mean credit card balance of $3,168? If your answer is zero enter "0". z value (to 2 decimals) p-value (to 4 decimals) c. Using a 0.01 level of significance, what is your conclusion? - Select your answer - Conclude that student mean credit card debt is - Select your answer - v than $3,053.

In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,053. This figure was an all-time high and had increased 41% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. Based on previous studies, use a population standard deviation o = a. State the null and alternative hypotheses. Но: и - Select your answer - ♥ 3,053 На: - Select your answer - ♥ 3,053 b. What is the p-value for a sample of 160 undergraduate students with a sample mean credit card balance of $3,168? If your answer is zero enter "0". z value (to 2 decimals) p-value (to 4 decimals) c. Using a 0.01 level of significance, what is your conclusion? - Select your answer - Conclude that student mean credit card debt is - Select your answer - v than $3,053.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,053. This figure was an all-time high and had increased 41% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. Based on previous studies, use a population standard deviation o $1,400. a. State the null and alternative hypotheses. Но: и - Select your answer - ♥ 3,053 Ha: - Select your answer v 3,053 b. What is the p-value for a sample of 160 undergraduate students with a sample mean credit card balance of $3,168? If your answer is zero enter "0". z value (to 2 decimals) p-value (to 4 decimals) c. Using a 0.01 level of significance, what is your conclusion? - Select your answer - Conclude that student mean credit card debt is - Select your answer - v than $3,053. Check My Work (5 remaining)
Transcribed Image Text:In a study entitled How Undergraduate Students Use Credit Cards, it was reported that undergraduate students have a mean credit card balance of $3,053. This figure was an all-time high and had increased 41% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the report. Based on previous studies, use a population standard deviation o $1,400. a. State the null and alternative hypotheses. Но: и - Select your answer - ♥ 3,053 Ha: - Select your answer v 3,053 b. What is the p-value for a sample of 160 undergraduate students with a sample mean credit card balance of $3,168? If your answer is zero enter "0". z value (to 2 decimals) p-value (to 4 decimals) c. Using a 0.01 level of significance, what is your conclusion? - Select your answer - Conclude that student mean credit card debt is - Select your answer - v than $3,053. Check My Work (5 remaining)
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