(Solution) 14 In 1991 The Average Interest Rate Charged By Canadian Credit Card Issuers Was 18.8 Percent. | Snapessays.com


(Solution) 14 In 1991 the average interest rate charged by Canadian credit card issuers was 18.8 percent.


8.14 In 1991 the average interest rate charged by Canadiancredit card issuers was 18.8 percent. Since that time,there has been a proliferation of new credit cardsaffi liated with retail stores, oil companies, alumniassociations, and so on. A fi nancial offi cer wants tostudy whether the increased competition in the creditcard business has reduced interest rates. To do this, theoffi cer will test a hypothesis about the current meaninterest rate, m, charged by Canadian credit card issuers.To perform the hypothesis test, the offi cer randomlyselects n 5 15 credit cards and obtains the followinginterest rates (arranged in increasing order): 14.0, 14.6,15.3, 15.6, 15.8, 16.4, 16.6, 17.0, 17.3, 17.6, 17.8, 18.1,18.4, 18.7, and 19.2. Is there a statistically signifi cantdifference between present interest rates and historicalrates? Present a standardized effect size estimate alongwith your hypothesis test.

 


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This question was answered on: May 23, 2022

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