In a random sample of 50 Americans five years ago (Group 1), the average credit card...

In a random sample of 50 Americans five years ago (Group 1), the average credit card debt was $5,779. In a random sample of 50 Americans in the present day (Group 2), the average credit card debt is $6,499, Let the population standard deviation be $1,152 five years ago, and let the current population standard deviation be $1,634. Using a 0.01 level of significance, test if there is a difference in credit card debt today versus five years ago. What is the p-value?

(Round to 4 decimal places) p-value =

Solutions

Expert Solution

Using a 0.01 level of significance,there is a No difference in credit card debt today versus five years ago.

orchestra answered 1 year ago

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