\"You owe $3,000 on your credit card. You pay a minimum payment of $30 each mont
ID: 3371663 • Letter: #
Question
"You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your crea Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never-you will continue to be in debt; (e) don't know; and (f) prefer not to answer. (a) Only 353 of the 1000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans wh State the appropriate null and alternative hypotheses. O Ho: p # 0.40 versus Ha: p 0.40 O Ho: ? 0.40 versus Hai p # 0.40 OHo: P 0.40 O Ho: p-0.40 versus Ha: p 0.40 Find the test statistic and P-value. (Use a table or technology. Round your test statistic to two decimal places and your P-value to four decimal places.) z3.03 P-value = 00012 State the conclusion in the problem context. O Fail to reject Ho- We have convincing evidence that the proportion of all adult Americans who would answer the question correctly is less than 0.40 Reject Ho. We do not have convincing evidence that the proportion of all adult Americans who would answer the question correctly is less than 0.40. Reject Ho-we have convincing evidence that the proportion of all adult Americans who would answer the question correctly is less than 0.40. Fail to reject Ho. We do not have convincing evidence that the proportion of all adult Americans who would answer the question correctly is less than 0.40. (b; The paper also reported that 37.4% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Ame State the appropriate null and alternative hypotheses. Ho: p =-versus Ha, p > ? Ho: p?-versus Hai p > O Ho: p versus Ha: p? Ho: p versus H: p- Find the test statistic and P-value. (Use a table or technology. Round your test statistic to two decimal places and your P-value to four decimal places.) z = 282 p-value = 1.0012Explanation / Answer
a) Option - D) H0: p = 0.40
H1: P < 0.40
b) P-value = P(Z > 2.82)
= 1 - P(Z < 2.82)
= 1 - 0.9976
= 0.0024
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