According to an estimate, the average total parent and student debt for new college graduates was $34,400 in 2010-11 (Time, October 31, 2011). Arandom sample of 455 of this year's graduates showed that their average such debt is $39,000 with a standarn deviation of $5520. Do the data provide significant evidence at a 5% significance level to conclude that the current average total parent and student debt for new graduates is higher than $34,400? Use both the p-value approach and the critical-value approach. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 30PPS
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According to an estimate, the average total parent and student debt for new college graduates was $34,400 in 2010-11 (Time,
October 31, 2011). A random sample of 455 of this year's graduates showed that their average such debt is $39,000 with a standard
deviation of $5520. Do the data provide significant evidence at a 5% significance level to conclude that the current average total
parent and student debt for new graduates is higher than $34,400? Use both the p-value approach and the critical-value approach.
Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range.
<p-value <
Use the critical-value approach. Round your observed value to four decimal places, and your critical value to two decimal places.
Observed value = i
Critical value = i
Conclusion: The current average total parent and student debt for new graduates is
$34,400.
e Textbook and Media
not higher than
higher than
Transcribed Image Text:According to an estimate, the average total parent and student debt for new college graduates was $34,400 in 2010-11 (Time, October 31, 2011). A random sample of 455 of this year's graduates showed that their average such debt is $39,000 with a standard deviation of $5520. Do the data provide significant evidence at a 5% significance level to conclude that the current average total parent and student debt for new graduates is higher than $34,400? Use both the p-value approach and the critical-value approach. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range. <p-value < Use the critical-value approach. Round your observed value to four decimal places, and your critical value to two decimal places. Observed value = i Critical value = i Conclusion: The current average total parent and student debt for new graduates is $34,400. e Textbook and Media not higher than higher than
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