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Elementary Statistics: A Step by Step Approach | 7th Edition | ISBN: 9780073534978 | Authors: Allan G. Bluman
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Credit Card Debt The average credit card debt for a recent year was $9205. Five years

Chapter 9, Problem 18

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QUESTION:

Credit Card Debt The average credit card debt for a recent year was $9205. Five years earlier the average credit card debt was $6618. Assume sample sizes of 35 were used and the population standard deviations of both samples were $1928. Is there enough evidence to believe that the average credit card debt has increased? Use a 0.05. Give a possible reason as to why or why not the debt was increased.

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QUESTION:

Credit Card Debt The average credit card debt for a recent year was $9205. Five years earlier the average credit card debt was $6618. Assume sample sizes of 35 were used and the population standard deviations of both samples were $1928. Is there enough evidence to believe that the average credit card debt has increased? Use a 0.05. Give a possible reason as to why or why not the debt was increased.

ANSWER:


Using the data and assumptions given, we can calculate the z-score value, which is calculated by taking (end value - start value)/standard deviation. For this example, the z-score value calculated would be

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