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Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is ​$24,350. Assume the standard deviation for debt is ​$3,000 per student.

Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is ​$24,350. Assume the standard deviation for debt is ​$3,000 per student.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is
​$24,350.
Assume the standard deviation for debt is
​$3,000
per student.

 

Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $24,350. Assume the standard deviation for debt is $3,000 per student. a. What is the probability that the sample mean will be less than $25,000 for a sample size of 35 students? b. Identify the symmetrical interval that includes 94% of the sample means if the true population mean is $24,350 per student. c. Answer the question in part a for a sample size of 70. Explain the differences in these two probabilities. a. The probability that the sample mean will be less than $25,000 is. (Type an integer or decimal rounded to four decimal places as needed.)
Transcribed Image Text:Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $24,350. Assume the standard deviation for debt is $3,000 per student. a. What is the probability that the sample mean will be less than $25,000 for a sample size of 35 students? b. Identify the symmetrical interval that includes 94% of the sample means if the true population mean is $24,350 per student. c. Answer the question in part a for a sample size of 70. Explain the differences in these two probabilities. a. The probability that the sample mean will be less than $25,000 is. (Type an integer or decimal rounded to four decimal places as needed.)
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