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In a study entitled "How Undergraduate Students Use Credit Cards," it was reported that undergraduate students have a mean credit card balance of $3,173. This figure was an all-time high and had increased 44% over the previous five years. Assume that a current study is being conducted to determine if it can be concluded that the mean credit card balance for undergraduate students has continued to increase compared to the original report. Based on previous studies, use a population standard deviation [tex]\sigma=1,000[/tex].

(a) State the null and alternative hypotheses.

1.
- [tex]H_0: \mu \geq 3,173[/tex]
- [tex]H_a: \mu < 3,173[/tex]

2.
- [tex]H_0: \mu = 3,173[/tex]
- [tex]H_a: \mu \neq 3,173[/tex]

3.
- [tex]H_0: \mu > 3,173[/tex]
- [tex]H_a: \mu \leq 3,173[/tex]

4.
- [tex]H_0: \mu < 3,173[/tex]
- [tex]H_a: \mu \geq 3,173[/tex]

5.
- [tex]H_0: \mu \leq 3,173[/tex]
- [tex]H_a: \mu > 3,173[/tex]

State the population parameters for the study. The population parameters for the study are mean credit card balance (μ) and population standard deviation (σ).

Step 2: State the null hypothesis.

The null hypothesis is that the mean credit card balance for undergraduate students is equal to or greater than the mean credit card balance reported in the original study (μ≥3,173).

Step 3: State the alternative hypothesis.

The alternative hypothesis is that the mean credit card balance for undergraduate students is less than the mean credit card balance reported in the original study (μ<3,173).

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