Ophelia O'Brien,VP of Consumer Credit of American First Banks (AFB),monitors the default rate on personal loans at the AFB member banks. One of her standards is "no more than 5% of personal loans should be in default." On each Friday,the default rate is calculated for a sample of 500 personal loans. Last Friday's sample contained 30 defaulted loans. Using $\alpha$ = 0.01,critical chi-square value is _______.

Question

Quizplus · Accepted Answer

The critical chi-square value for a one-tailed test with a significance level of 0.01 and 499 degrees of freedom (500-1) is 6.63.

Ophelia O'Brien,VP of Consumer Credit of American First Banks (AFB),monitors α\alphaα

Ophelia O'Brien,VP of Consumer Credit of American First Banks (AFB),monitors $\alpha$