Good credit: The Fair Isaac Corporation (FICO) credit score

Last updated: 7/14/2022

Good credit: The Fair Isaac Corporation (FICO) credit score used by banks and other lenders to determine whether someone is a good credit risk. Scores range from 300 to 850, with a score of 720 or more indicating that a person is a very good credit risk. An economist wants to determine whether the mean FICO score is lower than the cutoff of 720, She finds that a random sample of 100 people had a mean FICO score of 703 with a standard deviation of 92, Can the economist conclude that the mean FICO score is less than 720, Use the a= 0.01 level of significance and the critical value method. Part 1 of 5 (a) State the appropriate null and alternate hypotheses. Ho:μ= 720 H₁: μ< 720 This hypothesis test is a left-tailed Y test Part 2 of 5 Find the critical value(s). Round the answer(s) to at least three decimal places. If there more Critical value(s): -2.326 DO..... S one critical value, separate them with commas.