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In: Statistics and Probability

In a study about undergraduate student credit card usage, it was reported that undergraduate students have...

In a study about undergraduate student credit card usage, it was reported that undergraduate students have a mean credit card balance of $3173 (Sallie Mae, April 2009). This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the April 2009 report. Based on previous studies, assume a population standard deviation of 1100.

Suppose you look at a random sample of 96 undergraduate students with a sample mean credit card balance of $3498.6.

You wish to test the claim that the mean credit card balance is higher than it was in 2009 at the α=α=0.005 level.

What is the t stat

what is the p value equal to.

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orchestra answered 1 year ago
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