The average credit card debt for a recent year was $\$ 8824$. Five years earlier the average credit card debt was $\$ 8159$. Assume sample sizes of 35 were used and the population standard deviations of both samples were $\$ 1396$. Is there evidence to conclude that the average credit card debt has increased? Use $\alpha = 0.05$.
a. State the hypotheses.
b. Find the critical value.
c. Compute the test statistic.
d. Make the decision.
e. Summarize the results.

Question

Quizplus · Accepted Answer

The Answer of The average credit card debt for a recent year was $\$ 8824$. Five years earlier the average credit card debt was $\$ 8159$. Assume sample sizes of 35 were used and the population standard deviations of both samples were $\$ 1396$. Is there evidence to conclude that the average credit card debt has increased? Use $\alpha = 0.05$.
a. State the hypotheses.
b. Find the critical value.
c. Compute the test statistic.
d. Make the decision.
e. Summarize the results.

The Average Credit Card Debt for a Recent Year Was $8824\$ 8824$8824

The Average Credit Card Debt for a Recent Year Was $\$ 8824$