z-Test for a Mean

It has been reported that the average credit card debt for college seniors is $3347. The student senate at a large university feels that their seniors have a debtmuch less than this, so it conducts a study of 60 randomly selected seniorsand finds that the average debt is $3018 and the population standard deviation is $1300.The task is to determine if the student senate is correct when α = 0.01 … FIND THE CRITICAL VALUE … AND SHOW YOUR WORK IN FINDING IT


Expert Solution
Given a=0.01, the critical value is Z(0.01)=-2.33 (check standard normal table)
answered by: tracee

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