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?

Solutions

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 1 year ago

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