After finishing school, students are expected to owe $46,500. 64 students are selected, the average loan debt is $ 46,000 with a standard deviation of 500. a). construct a 98% confidence interval for the true average student loan debt b). does this contradict the reported average of $46,500?

After finishing school, students are expected to owe $46,500. 64 students are selected, the average loan debt is $ 46,000 with a standard deviation of 500. a). construct a 98% confidence interval for the true average student loan debt b). does this contradict the reported average of $46,500?

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 58E: What is meant by the sample space of an experiment?

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Question

After finishing school, students are expected to owe $46,500. 64 students are selected, the average loan debt is $ 46,000 with a standard deviation of 500.

a). construct a 98% confidence interval for the true average student loan debt

b). does this contradict the reported average of $46,500?

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