The Waist to Hip Ratio (WHR) is a ratio commonly expressed as a decimal that has been shown to be a good predictor of possible c
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Answer:
We conclude that that there is enough evidence to support the claim mean credit card debt for individuals is greater than $5,100.
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = $5,100
Sample mean, = $ 5,270
Sample size, n = 27
Alpha, α = 0.10
Sample standard deviation, s = $550
a) First, we design the null and the alternate hypothesis
We use one-tailed t test to perform this hypothesis.
b) Formula:
Putting all the values, we have
c) Now,
Since,
d) We fail to accept the null hypothesis, and accept the alternate hypothesis.
e) We conclude that that there is enough evidence to support the claim mean credit card debt for individuals is greater than $5,100.