The average credit card debt for a recent year was $8824. Five years earlier the average credit card debt was $8159. Assume the 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 a=0.05.
a. state the hypotheses.
b. find the critical value
c. compute the test statistic.
d. make the decision and summarize the results
a. H0: μ1= μ2; H1: μ1< μ2 b. from the t -table for one tailed test critical value... View the full answer