Performing a Sign Test In Exercises 7–22, (a) identify the claim and state Ho and Ha, (b) find the critical value, (c) find the test statistic, (d) decide whether to reject or fail to reject the null hypothesis, and (e) interpret the decision in the context of the original claim.
Credit Card Charges A financial service accountant claims that the median credit card balance of college students is more than $500. You randomly select the credit card accounts of 12 college students and record the balance for each account. The balances (in dollars) are listed below. At , can you support the accountant’s claim? (Adapted from Sallie Mae)
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