Credit rating from population with mean

Reference no: EM1320674

When consumers apply for credit, their credit is rated using FICO scores A random sample of credit ratings is obtained, and the FICO scores are summarized with these statistics: n = 18, x = 660.3, s = 95.9. Use a 0.05 significance level to test the claim that these credit rating are from a population with a mean that is equal to 700. If the Bank of Newport requires a credit rating of 700 or higher for a car loan, do the results indicate that every that everyone will be eligible for a car loan? Why or why not?

Reference no: EM1320674

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