Find the simple interest on a $2,219.00 principal, deposited for 6 years at a rate of 1.91%.
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Answer:
Claim is false
Step-by-step explanation:
Claim : A credit reporting agency claims that the mean credit card debt in a town is greater than $3500.
n = 20
Since n <30
So we will use t test
Formula :
s = standard deviation = 391
x = 3600
n = 20
Degree of freedom = n-1 = 20-1 = 19
α=0.10
So, using t table
= 1.72
t critical > t calculated
So we accept the null hypothesis
Hence we reject the claim that the mean credit card debt in a town is greater than $3500.