Part 1 Upper H 0H0: mumu equals=709.3 Upper H 1H1: mumu greater than>709.3 Part 2 t 0t0equals=1.85 (Round to two decimal places as needed.) Part 3 P-valueequals=0.033 (Round to three decimal places as needed.) Part 4 Reject the null hypothesis. There is sufficient evidence to claim that the mean credit score of high-income individuals is greater than 709.3.
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3, and the alternative hypothesis (H1) states that the population mean is greater than 709.3. This test is used to determine if there is enough evidence to support the claim that the mean credit score of high-income individuals is greater than 709.3. Show more…
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A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 709.4. A credit analyst wondered whether high-income individuals(incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 37 high-income individuals and found the sample mean credit score to be 721.8 with a standard deviation of 84.5. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the α=0.05 level of significance. State the null and alternative hypotheses. H0: μ ___ ___ H1:μ ___ ___ (Type integers or decimals. Do not round.) Identify the t-statistic. t0= ____ (Round to two decimal places as needed.) Identify the P-value. P-value= ___ (Round to three decimal places as needed.) Make a conclusion regarding the hypothesis. (Fail to reject or Reject) the null hypothesis. There (IS OR IS NOT) sufficient evidence to claim that the mean credit score ofhigh-income individuals is (EQUAL TO, GREATER THAN, LESS THAN)
Kari H.
A credit score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Values range from 300 to 850, with a credit score over 700 considered to be a quality credit risk. According to a survey, the mean credit score is 704.9. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 31 high-income individuals and found the sample mean credit score to be 715.1 with a standard deviation of 84.8. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the alpha equals 0.05 level of significance. State the null and alternative hypotheses. H 0: mu ( greater than, less than, not equals, equals) ________ H 1: mu (less than, greater than, equals, not equals) ________ (Type integers or decimals. Do not round.) Identify the t-statistic. t0 equals _______ (Round to two decimal places as needed.) Identify the P-value. P-value equals ________ (Round to three decimal places as needed.) Make a conclusion regarding the hypothesis. ( Fail to reject, Reject) the null hypothesis. There ( is, is not) sufficient evidence to claim that the mean credit score of high-income individuals is (greater than, less than, equal to) _________.
Lucas F.
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