In order to estimate the median amount of new credit card charges for the previous month, a financial service accountant randomly selects10 credit card accounts and records the amount of new charges for each account for the previous month. The amounts are listed below. Atalphaequals0.01,the accountant wants to know whether he can conclude that the median amount of new credit card charges for the previous month was more than$ 300.Complete parts (a) through (e). Start 2 By 5 Matrix 1st Row 1st Column $ 340.24 2nd Column $ 340.77 3rd Column $ 299.94 4st Column $ 207.67 5st Column $ 210.31 2nd Row 1st Column $ 293.35 2nd Column $ 285.68 3rd Column $ 214.18 4st Column $ 300.36 5st Column $ 200.31 EndMatrix (a) Write the claim mathematically and identifyUpper H 0 andUpper H Subscript a. The claim is▼ median greater than $ 300median less than or equals $ 300 median greater than or equals $ 300 median less than $ 300.What areUpper H 0 andUpper H Subscript a? A.Upper H 0 ismedian greater than or equals $ 300 andUpper H Subscript a ismedian less than $ 300. B.Upper H 0 ismedian less than or equals $ 300 andUpper H Subscript a ismedian greater than $ 300. C.Upper H 0 ismedian less than $ 300 andUpper H Subscript a ismedian greater than or equals $ 300. D.Upper H 0 ismedian greater than $ 300 andUpper H Subscript a ismedian less than or equals $ 300.(b) Determine the critical value. The critical value isnothing.(Type an integer or decimal rounded to the nearest hundredth as needed.) (c) Calculate the test statistic. The test statistic isnothing.(Type an integer or decimal rounded to the nearest hundredth as needed.) (d) Decide whether to reject or fail to reject the null hypothesis. Reject the null hypothesis. Fail to reject the null hypothesis.(e) Interpret the decision in the context of the original claim. At the1 % significance level,▼ there is notthere isenough evidence for the accountant to conclude that the median amount of new credit card charges for the previous month was more than$ 300.

Given : Credit card Charges($) 340.24 340.77 299.94 207.67 210.31 293.35 285.68 214.18…

Answered: In order to estimate the median amount…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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Section: Chapter Questions

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Question

In order to estimate the median amount of new credit card charges for the previous month, a financial service accountant randomly selects

credit card accounts and records the amount of new charges for each account for the previous month. The amounts are listed below. At

alpha

equals0.01

the accountant wants to know whether he can conclude that the median amount of new credit card charges for the previous month was more than

$ 300

Complete parts (a) through (e).

Start 2 By 5 Matrix 1st Row 1st Column $ 340.24 2nd Column $ 340.77 3rd Column $ 299.94 4st Column $ 207.67 5st Column $ 210.31 2nd Row 1st Column $ 293.35 2nd Column $ 285.68 3rd Column $ 214.18 4st Column $ 300.36 5st Column $ 200.31 EndMatrix

(a) Write the claim mathematically and identify

Upper H 0

and

Upper H Subscript a

The claim is

▼

median greater than $ 300

median less than or equals $ 300 median greater than or equals $ 300 median less than $ 300

What are

Upper H 0

and

Upper H Subscript a

Upper H 0

median greater than or equals $ 300

and

Upper H Subscript a

median less than $ 300

Upper H 0

median less than or equals $ 300

and

Upper H Subscript a

median greater than $ 300

Upper H 0

median less than $ 300

and

Upper H Subscript a

median greater than or equals $ 300

Upper H 0

median greater than $ 300

and

Upper H Subscript a

median less than or equals $ 300

(b) Determine the critical value.

The critical value is

nothing

(Type an integer or decimal rounded to the nearest hundredth as needed.)

The test statistic is

nothing

(Type an integer or decimal rounded to the nearest hundredth as needed.)

(d) Decide whether to reject or fail to reject the null hypothesis.

Reject

the null hypothesis.

Fail to reject

the null hypothesis.

(e) Interpret the decision in the context of the original claim.

At the

1 %

significance level,

▼

there is not

there is

enough evidence for the accountant to conclude that the median amount of new credit card charges for the previous month was more than

$ 300

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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