Question

A Fair Isaac Corporation (FICO) score is used by credit agencies such as banks to determine whether to lend money and the interest rate to charge. Its value ranges from 300 to 850 and if you have a score over 700, you are considered to be a "quality" credit risk. The mean credit score of average income earners in California is estimated by Fair Isaac to be 664. A recent survey of 47 high income earners in California had a mean FICO score of 677 and a standard deviation of s=60. Use a 0.05 significance level to test the claim that the mean FICO score of high income earners in California is equal to 664, the mean score of average income earners in California.

The test statistic is?: ["3.24", "2.88", "1.87", "2.27", "1.49"]           

Identify the range of the p-value: ["0.01 < P-value < 0.02", "0.1 < P-value < 0.2", "0.2 < P-value", "0.02 < P-value < 0.05", "P-value < 0.01", "0.05 < P-value < 0.1"]           

Based on this we?: ["Reject the null hypothesis", "Fail to reject the null hypothesis"]           

Conclusion: There ["does not", "does"] appear to be enough evidence to support the claim that the mean FICO score of high income earners in California is equal to 664, the mean score of average income earners in California.

**NOTE the values inside " " are possible answer choices

Answer 1