an A bank found that in recent years the average monthly charge on its credit...
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an A bank found that in recent years the average monthly charge on its credit card was 1 350 With an improving economy they suspect that this amount has increased A sample of 40 customers resulted in average monthly charge of 1 376 11 with a standard deviation of 182 57 Do these data provide statistical evidence that the average monthly charge has increased Formulate the appropriate hypothesis test and draw a conclusion Use a level of significance of 0 05 Is there sufficient evidence at the 0 05 level of significance that the average monthly charge has increased Determine the null hypothesis Ho and the alternative hypothesis H Ho H 1350 H H 1350 Type whole numbers Compute the test statistic 0 90 Round to two decimal places as needed Using a level of significance of 0 05 what is the critical value 1 68 Round to two decimal places as needed Find the p value for the test 0 184 Round to three decimal places as needed What is your conclusion The p value is the chosen value of a so greater than the null hypothesis There is evidence to conclude that mean is greater than 1 350
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