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. It has been reported that the average credit card debt for college seniors at the...

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Statistics

. It has been reported that the average credit card debt forcollege seniors at the college book store at a college oruniverisity is 3262 dollars. The student senate at a largeuniversity feels that their seniors have a debt much less thanthis, so it conducts a study of 50 randomly selected seniors andfind that the average debt is 2995 dollars. The population standarddeviation (sigma) is 1100 dollars. With an alpha of 0.05, is thestudent senate correct?

a. Yes b. No

Answer & Explanation Solved by verified expert
3.9 Ratings (493 Votes)
The test hypothesis isNow the value of test static can be found out by followingformulaUsing Excels function the    See Answer
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