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 485 of this year's graduates showed that their average such debt is $38,000 with a standard deviation of $5430. Do the
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 485 of this year's graduates showed that their average such debt is $38,000 with a standard deviation of $5430. Do the data provide significant evidence at a 10% 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 distribution table to find a
= <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=
Critical value=
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