According to a lending institution, students graduating from college have an ave

Question

According to a lending institution, students graduating from college have an average credit card debt of $4, 200. A random sample of 50 graduating seniors was selected, and their average credit card debt was found to be $4, 538. Assume the standard deviation for student credit card debt is $1, 100. Using alpha = 0.01, complete parts a and b below. Does this sample provide enough evidence to challenge the findings by the lending institution? Determine the null and alternative hypotheses. Enter your answer in the edit fields and then click Check Answer.

Explanation / Answer

The null hypothesis states that a population parameter is equal to a value. The null hypothesis is often an initial claim that researchers specify using previous research or knowledge. ... The alternative hypothesis is what you might believe to be true or hope to prove true.

a. H0: mu=4200 vs H1: mu not equal to 4200

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