Please answer each step in this question. Idk how to get the observed t. If whoever answer this question go through each step specifically it will be gladly appreciated. i posted this other question along with as well as i dont think i should use another question ask for a short problem 4:19 1M4A6 Chapter 09 Practice+ M4A6 Chapter 09 Practice9 of 13>0.8 / 1According 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 deviation of $5470. Do the dataprovide significant evidence at a 1% significancelevel to conclude that the current average totalparent and student debt for new graduates ishigher than $34,400? Use both the p-valueapproach and the critical-value approach.Use the p-value approach. Use the t distributiontable to find a range for the p-value. Enter theexact values for the range.0.0000< p-value <0.001Use the critical-value approach. Round yourobserved value to four decimal places, and yourcritical value to two decimal places.Observed value = For the following significance level, what is theprobability of making a Type l error?a = 0.02i!

Answered: According to an estimate, the average…

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Please answer each step in this question. Idk how to get the observed t. If whoever answer this question go through each step specifically it will be gladly appreciated.

i posted this other question along with as well as i dont think i should use another question ask for a short problem

4:19 1
M4A6 Chapter 09 Practice
+ M4A6 Chapter 09 Practice
9 of 13
>
0.8 / 1
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 <
0.001
Use the critical-value approach. Round your
observed value to four decimal places, and your
critical value to two decimal places.
Observed value =

For the following significance level, what is the
probability of making a Type l error?
a = 0.02
i
!

Expert Solution

Step 1

Given information-

Population mean, μ = $34,400

Sample size, n = 490

Sample mean, x = $37,000

Sample standard deviation, s = $5470

Significance level, α = 0.01

For this study we will use right tailed t-test statistics.

Hypothesis Formulation-

Null Hypothesis, H₀: μ = $34,400

Alternate Hypothesis, H_a: μ > $34,400

Since here population standard deviation is unknown so using t-test statistics.

Step 2

Step by step

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