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Part 1
A bank found that in recent years, the average monthly charge on its credit card was
$1 comma 3001,300.
With an improving economy, they suspect that this amount has increased. A sample of
4040
customers resulted in an average monthly charge of
$1 comma 326.251,326.25
with a standard deviation of
$182.51182.51.
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.