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Find the mean monthly unpaid balance

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Q: The Thompson's Discount Appliance Store issues its own credit card. The credit manager wants to find whether the mean monthly unpaid balance is more than $400. The level of significance is set at .05. A random check of 172 unpaid balances revealed the sample mean is $407 and the standard deviation of the sample is $38. Should the credit manager conclude the population mean is greater than $400, or is it reasonable that the difference of $7 ($407 - $400 =$7) is due to chance?

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Basic Statistics: Find the mean monthly unpaid balance

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