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9.16 According to the 2016 Majoring in Money report by the government-lending institution Sallie Mae, 18- to 20-year-old college students have an average credit card balance of $569. You want to find out if this number is lower now and collect data for a ran- dom sample of 40 college students. Their average credit card debt was found to be $545 with a sample standard deviation of $68.55. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18- to 20-year-old college students has decreased since 2016? b. Does changing the value of a from 0.05 to 0.01 affect your conclusion? Why or why not? c. Determine the precise p-value for this test using Excel.

9.16 According to the 2016 Majoring in Money report by the government-lending institution Sallie Mae, 18- to 20-year-old college students have an average credit card balance of $569. You want to find out if this number is lower now and collect data for a ran- dom sample of 40 college students. Their average credit card debt was found to be $545 with a sample standard deviation of $68.55. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18- to 20-year-old college students has decreased since 2016? b. Does changing the value of a from 0.05 to 0.01 affect your conclusion? Why or why not? c. Determine the precise p-value for this test using Excel.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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9.16 According to the 2016 Majoring in Money report by the government-lending institution Sallie Mae, 18- to 20-year-old college students have an average credit card balance of $569. You want to find out if this number is lower now and collect data for a ran- dom sample of 40 college students. Their average credit card debt was found to be $545 with a sample standard deviation of $68.55. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18- to 20-year-old college students has decreased since 2016? b. Does changing the value of a from 0.05 to 0.01 affect your conclusion? Why or why not? c. Determine the precise p-value for this test using Excel.
Transcribed Image Text:9.16 According to the 2016 Majoring in Money report by the government-lending institution Sallie Mae, 18- to 20-year-old college students have an average credit card balance of $569. You want to find out if this number is lower now and collect data for a ran- dom sample of 40 college students. Their average credit card debt was found to be $545 with a sample standard deviation of $68.55. a. Using a = 0.05, does this sample provide enough evidence to conclude that the average credit card balance of 18- to 20-year-old college students has decreased since 2016? b. Does changing the value of a from 0.05 to 0.01 affect your conclusion? Why or why not? c. Determine the precise p-value for this test using Excel.
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