A credit card company reported that its overall population of customers had a mean balance of...

A credit card company reported that its overall population of customers had a mean balance of $3,500 for the year
2019, with a population standard deviation of $2000. A sample of 35 customers this year showed a mean balance of
$4,200. Based on that sample, can we conclude that the population mean has increased?
Use alpha of .01

For full credit, state and clearly label the null and alternate hypotheses and the givens, state the alpha, find the
test statistic, say what distribution you will be using, sketch the distribution and the tail you will be
finding, find the p, and state your conclusion.

If alpha had been .05, would you have a different conclusion? What would it be?

Expert Solution

5 as prau > .01 so we can meet reject the mill hypothais. Ho gt mean that u = 3,500. That is pop s increased. mean is not greater than resect means that I L=105. Zcos) a 1.96 As calculated value of t is tabulased valve so we can the Mule hypothesis. at pop" near has increased, 3 CScanned with CamScanner

orchestra answered 3 years ago

1). A credit card company says that their clients have a mean credit card balance of...

1). A credit card company says that their clients have a mean credit card balance of less than $3000. A random sample of 14 clients showed an average balance of $2900 with sample standard deviation of $350. At ? = 0.10, conduct all seven steps of the hypothesis test to test the claim. Assume the population is normally distributed. (2). A researcher claims that at least 46% of U.S. adults think that the IRS is not aggressive enough in pursuing...

(A) A major store is interested in estimating the mean amount its credit card customers spent...

(A) A major store is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store. Fifteen credit card accounts (n=15) were randomly sampled and analyzed with the following results: and S = 20. a) Construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain's new store. b) Interpret the results (the interval) you got. (This is the question as...

The records of Check$mart Bank show that the average credit card balance of its customers is...

The records of Check$mart Bank show that the average credit card balance of its customers is $3,325 with a standard deviation of $1,500. Assume that the distribution of these credit card balances is approximately normal. (a) What is the probability that an account balance is less than $2,500? (b) What is the probability that an account balance is more than $5,000? (c) What is the probability that an account balance is between $3,000 and $4,000? (d) 99% of account balances...

A major department store chain is interested in estimating the mean amount its credit card customers...

A major department store chain is interested in estimating the mean amount its credit card customers spent on their first visit to the chain’s new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results: X = $50.50 and S = 20. Assuming that the amount spent follows a normal distribution, construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain’s new...

A credit card company claims that the mean credit card debt for individuals is greater than...

A credit card company claims that the mean credit card debt for individuals is greater than $ 5 comma 300. You want to test this claim. You find that a random sample of 34 cardholders has a mean credit card balance of $ 5 comma 554 and a standard deviation of $ 650. At alpha equals 0.10?, can you support the? claim? Complete parts? (a) through? (e) below. Assume the population is normally distributed

Example 1: A credit card company claims that the mean credit card debt for individuals is...

Example 1: A credit card company claims that the mean credit card debt for individuals is greater than $5,300. You want to test this claim. You find that a random sample of 27 cardholders has a mean credit card balance of $5,560 and a standard deviation of $575. At α = 0.05, can you support the claim? Assume the population is normally distributed. Write out the hypothesis statements below and identify the parameter of interest. Ho: _________________________ Ha: _________________________ Which...

a credit card company claims that the mean credit card debt for individuals is greater than...

a credit card company claims that the mean credit card debt for individuals is greater than 4700.00 you want to test this claim. you find that a random sample of 38 cardholders has a mean credit card balance of 4873.00 and a standard deviation of 575.00 at a=0.05

A sample of 55 account balances of a credit card company showed a sample mean balance...

A sample of 55 account balances of a credit card company showed a sample mean balance of $1,050. Assume that the population standard deviation is $175. At a 5% level of significance, test to determine if the population mean account balance is significantly different from $1,000. What is your conclusion?

Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit card company,...

Ashley had $10,000 in credit card debt. She negotiated a settlement with the credit card company, and the credit card company agreed to cancel $6,000 of the debt. If Ashley has total assets of $25,000 and total liabilities of $50,000 at the time the debt was cancelled, what amount of gross income does Ashley have as a result of the credit card company cancelling $6,000 of her debt?

The mean balance that college students owe on their credit card is $1996 with a standard...

The mean balance that college students owe on their credit card is $1996 with a standard deviation of $350. If all possible random samples of size 169 are taken from this population, determine the following: a) name of sampling distribution b) mean and standard error of sampling distribution of the mean (use the correct name and symbol for each) c) percent of sample means for a sample of 169 college students that is greater than $2000 d) probability that sample...

Question