Stats Solutions

(See Steps) 5.a) The manager of the credit department for an oil company would like to determine whether the average monthly balance of credit card holders

Question:

5.a) The manager of the credit department for an oil company would like to determine whether the average monthly balance of credit card holders is greater than $75. An auditor selects a random sample of 100 accounts and finds that the average owed is $83.40. The population standard deviation is known to be $32.65. Using the 0.05 level of significance, should the auditor conclude that there is evidence that the average balance is greater than $75?

5.b) Also calculate the p-value.

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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