The Fair Isaac Corporation (FICO) credit score is 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 0f 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 P value method with a TI 84 calculator. State the null and alternate hypotheses:


Compute the P value and round the answer to four decimal places:
Determine whether or not to reject H 0 :
State a conclusion: Can the economist conclude that the mean FICO score is less than 720?