Credit Report Usa
2010
USA Today reported that the average outstanding balance on regular Visa Credit cards is $2113.?
A random sample of twelve Visa Card holders who have had their accounts for only six months showed the average outstanding balance to be `x =$1850 with a standard deviation of $414. Use a 1% level of significance to test the claim that the people who have had the card for only six months have an average outstanding balance that is less than the national average.
Don’t understand and need help. Please explain and if a graph is needed, I would like help with that too.
μ = average outstanding balance
H0: μ = 2113 — null hypothesis
HA: μ < 2113 --- alternative hypothesis
Sample mean = 1850
Standard deviation = 414
Standard error of mean = s / √ n
Standard error of mean = 414 / √ 12
SE = 414/3.4641
Standard error of mean 119.5115
t = (xbar- μ ) / SE
t = (1850-2113) / 119.5115
t = -2.2006
From t-probability table using a 1% level of significance and 11 degrees of freedom, the critical value for a one-tailed test is -2.718
Computed t does not exceed critical t, so we do not reject the null hypothesis.
There is no evidence to support the claim that the people who have had the card for only six months have an average outstanding balance that is less than the national average.
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