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A credit score is used by credit agencies​ (such as mortgage companies and​ banks) to assess the creditworthiness of individuals. Values range from 300 to​ 850, with a credit score over 700 considered to be a quality credit risk. According to a​ survey, the mean credit score is 703.1. A credit analyst wondered whether​ high-income individuals​ (incomes in excess of​ $100,000 per​ year) had higher credit scores. He obtained a random sample of 35 ​high-income individuals and found the sample mean credit score to be 716.6 with a standard deviation of 80.1. Conduct the appropriate test to determine if​ high-income individuals have higher credit scores at the alphaequals0.05 level of significance.

Respuesta :

Answer:

Step-by-step explanation:

First set up hypotheses as

[tex]H_0: x bar = 703.1\\H_a: x bar>703.1[/tex]

(Right tailed test at 5% significance level)

Mean diff = 716.6-703.1=13.5

s = 80.1:  So std error = s/sqrt n = 13.539

Since population std dev not known t test can be used

n = 35:  df=35-1 =34

Test statistic =Mean diff/std error =0.9971

p value = 0.16288>0.05

Since p value >our alpha accept null hypotheis

Conclusion:

There is no statistical evidence to claim that high-income individuals have higher credit scores

Answer:

850

Step-by-step explanation:

E.D.

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