Answer:
There is enough evidence to believe that the average credit card debt has changed in the past 5 years
Step-by-step explanation:
We are to compare the means of two samples. Since only sample std deviations are used, we have to use t test for this hypothesis
H0: Means are equal
Ha: Means are not equal
(Two tailed test at 5% )
Difference between means [tex]M1-M2 = -2587[/tex]
Std deviation combined = 3856
Std error for difference = 460.88
t statistic[tex]= -2587/460.88=-5.613[/tex]
p value =0
Since p <0.05 reject null hypothesis.
There is enough evidence to believe that the average credit card debt has changed in the past 5 years
