Label the answers as they are in the pictures. Please show your work. HW due ton
ID: 3332449 • Letter: L
Question
Label the answers as they are in the pictures. Please show your work. HW due tonight,
74 75 According to American Consumer Credit Counseling statistics, credit card debt is the third largest source of household indebtedness. The following data were collected from a random sample of 12 credit cards. (See the example on page 354 of your textbook for a similar problem.) 80 81 82 83 84 85 Credit Card Balance 12,937.00 11,480.00 11,117.00 6,651.00 1,431.00 12,873.00 4,580.00 3,725.00 13,591.00 3,954.00 17,406.00 11,893.00 91 92 93 95 Question 3A Can you prove the mean credit card balance is less than $4960 at =0.1?Explanation / Answer
3A)since we are checking for mean Credit card balance <4960$
it's a one tail test
and we would have Ho: p<0.1 (i.e. at alpha =0.1 at 90% conf level)
and Ha: p=0.1
Zstat from tha table is -1.281552
while the calculated Z = (X'-mu)/Sd/(sqrt(n))
where mu is population mean i.e. 4960
X' is the sample mean = mean of all the values given = in excel use "AVERAGE(B82:B93)" to get the ans = 9303.167
sd = std deviation of all the samples = in excel use "=STDEV.S(B82:B93)" to get the ans = 5006.982
n= 12 sample size
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