In: Statistics and Probability
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.