Assume That the National Credit Card Interest Rate Is 12

question 74

Multiple Choice

Assume that the national credit card interest rate is 12.83 percent.A study of 62 college students finds that their average interest rate is 14 percent with a standard deviation of 9.3 percent.What is the 95 percent confidence interval for this single-sample t test?

• A) [10.47, 15.19]
• B) [11.64, 16.36]
• C) [12.99, 15.01]
• D) [6.94, 11.66]

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Definitions:

Utility

In economics, the total satisfaction received from consuming a good or service.

Income

Earnings received by a person or entity, typically through work, investments, or business ventures, over a specified period.

Consumer Equilibrium

The point at which the quantity of goods consumed by the consumer provides the maximum satisfaction, making utility maximization with budget constraints.

Total Utility

The complete fulfillment derived from the consumption of a specific amount of products or services.