a. Report the point estimate for this study of student loans owed. b. Construct a 95% confidence interval estimate for student loans owed of the population of all California State University graduates. c. Perform a one-sample statistical test to see if the true population parameter for student loans owed was $34,500. Use a 5% level of significance.
2. A study with a sample of 25 graduates of four-year California State Universities revealed the mean amount of student loans owed was $32,000. The standard deviation of this sample was $4,400.
a. Report the point estimate for this study of student loans owed.
b. Construct a 95% confidence
c. Perform a one-sample statistical test to see if the true population parameter for student loans owed was $34,500. Use a 5% level of significance.
d. Compare $34,500 to the confidence interval constructed in Part b. Does this value of $34,5000 lie inside the confidence interval? Speculate on the relationship of the information learned from the confidence interval that you constructed and the information learned from the statistical test.
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