Math

StatisticsQ&A LibraryA 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 703.8. 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 40 high-income individuals and found the sample mean credit score to be 723.1 with a standard deviation of 82.2. Conduct the appropriate test to determine if high-income individuals have higher credit scores at the α=0.05 level of significance.Start your trial now! First week only $4.99!*arrow_forward*

Question

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

703.8.

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

40

high-income individuals and found the sample mean credit score to be

723.1

with a standard deviation of

82.2.

Conduct the appropriate test to determine if high-income individuals have higher credit scores at the

α=0.05

level of significance.

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