**Title: Analyzing Average Debt of New College Graduates**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.**Instructions:**1. **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. ``` < *p*-value < ```2. **Use the critical-value approach:** - Round your observed value to four decimal places. - Round your critical value to two decimal places. ``` Observed value = ``` Use the critical-value approach. Round your observed value to four decimal places, and your critical value to two decimal places.- **Observed value =** [Input field]- **Critical value =** [Input field]**Conclusion:** The current average total parent and student debt for new graduates is [Dropdown menu] $34,400.

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Description: **Title: Analyzing Average Debt of New College Graduates**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 graduate

Perform the one sample t-test using the sample data. Null hypothesis: μ=34400 Alternative…

Math

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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.

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.

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Question

**Title: Analyzing Average Debt of New College Graduates**

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.

**Instructions:**

1. **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.

```
< *p*-value <
```

2. **Use the critical-value approach:**
- Round your observed value to four decimal places.
- Round your critical value to two decimal places.

```
Observed value =
```

Use the critical-value approach. Round your observed value to four decimal places, and your critical value to two decimal places.

- **Observed value =** [Input field]
- **Critical value =** [Input field]

**Conclusion:** The current average total parent and student debt for new graduates is [Dropdown menu] $34,400.

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