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 490 of this year's graduates showed that their average such debt is $37,000 with a standard deviation of $5470. Do the data provide significant evidence at a 1% 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. 0.0000 < p-value < i

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 490 of this year's graduates showed that their average such debt is $37,000 with a standard deviation of $5470. Do the data provide significant evidence at a 1% 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. 0.0000 < p-value < i

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Description: According to an estimate, the average total parentand student debt for new college graduates was$34,400 in 2010-11 (Time, October 31, 2011). Arandom sample of 490 of this year's graduatesshowed that their average such debt is $37,000with a standard

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Author:Amos Gilat

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Question

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 490 of this year's graduates
showed that their average such debt is $37,000
with a standard deviation of $5470. Do the data
provide significant evidence at a 1% 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.
0.0000
< p-value <
i
Use the critical-value approach. Round your
observed value to four decimal places, and your
critical value to two decimal places.
Observed value =

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.
0.0000
<p-value <
i
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 =
2.33
Conclusion: The current average total parent and
student debt for new graduates is
higher than
v $34,400.

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