(Solved) Recently, Experian reported that the average credit score for a new-car loan was 753. Suppose Ally ...

Recently, Experian reported that the average credit score for a new-car loan was 753. Suppose Ally Financial, a bank holding company that finances car loans, would like to test the hypothesis that the average credit score has increased since the Experian report. A random sample of 20 new-car loans had an average credit score of 764.2 with a sample standard deviation of 34.5. Ally Financial would like to set α = 0.05. Which one of the following statements is true?

▸ Because the p-value is greater than α, we reject the null hypothesis and conclude that the average credit score for a new-car loan is more than 753.

▸ Because the p-value is greater than α, we fail to reject the null hypothesis and cannot conclude that the average credit score for a new-car loan is more than 753.

▸ Because the p-value is less than α, we fail to reject the null hypothesis and conclude that the average credit score for a new-car loan is more than 753.

▸ Because the p-value is less than α, we reject the null hypothesis and cannot conclude that the average credit score for a new-car loan is more than 753.

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Recently, Experian reported that the average credit score for a new-car loan was 753. Suppose Ally ...

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