Assume That the National Credit Card Interest Rate Is 12

question 115

Multiple Choice

Assume that the national credit card interest rate is 12.83 percent.A study of 81 college students finds that their average interest rate is 15 percent with a standard deviation of 8.7 percent.What is the 95 percent confidence interval for this single-sample t test?

• A) [10.54, 19.54]
• B) [11.64, 16.36]
• C) [12.99, 15.01]
• D) [13.08, 16.92]

---

Definitions:

Temporary Accounts

Accounts used to track transactions in a single accounting period, which are closed and transferred to permanent accounts at the end of the period.

Income Summary

An account used in the closing process that summarizes the revenue and expenses of an accounting period to determine the net income or loss.

Capital Account

An account showing the net worth of a business at a specific point, calculated as assets minus liabilities and preferred stock.

Revenues

The total income generated from normal business operations, often from the sale of goods and services.