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 460 of this year’s graduates showed that their average such debt is $37,000 with a standard deviation of $5530. Do the data provide significant evidence at a 5% 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. Enter your answer; the range for the p-value, lower bound < p-value
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 460 of this year’s graduates showed that their average such debt is $37,000 with a standard deviation of $5530. Do the data provide significant evidence at a 5% 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
Enter your answer; the range for the p-value, lower bound < p-value <Enter your answer; the range for the p-value, upper bound
Use the critical-value approach. Round your observed value to four decimal places, and your critical value to two decimal places.
Observed value =Enter you answer; Observed value
Critical value =Enter you answer; Critical value
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