Suppose you have a random sample of 2,179 credit scores from a population of mortgage applicants with a sample mean of 620 and sample standard deviation of 70, and would like to determine if this is sufficient enough to rule out that the population mean is not 610. Which of the following objects would you calculate to make this decision?
A) T-stat
B) Sample range
C) Normal distribution
D) Consistent estimator

Question

Quizplus · Accepted Answer

To determine whether the sample mean of 620 is significantly different from the hypothesized population mean of 610, we need to calculate the t-statistic using the formula (sample mean - hypothesized population mean)/(sample standard deviation/sqrt(sample size)).

Suppose You Have a Random Sample of 2,179 Credit Scores