Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $22,550. Assume the standard deviation for debt is $5,500 per student. a. What is the probability that the sample mean will be less than $23,000 for a sample size of 40 students? b. Identify the symmetrical interval that includes 99% of the sample means if the true population mean is $22,550 per student. c. Answer the question in part a for a sample size of 80. Explain the differences in these two probabilities.
Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $22,550. Assume the standard deviation for debt is $5,500 per student. a. What is the probability that the sample mean will be less than $23,000 for a sample size of 40 students? b. Identify the symmetrical interval that includes 99% of the sample means if the true population mean is $22,550 per student. c. Answer the question in part a for a sample size of 80. Explain the differences in these two probabilities.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Transcribed Image Text:Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $22,550. Assume the
standard deviation for debt is $5,500 per student.
a. What is the probability that the sample mean will be less than $23,000 for a sample size of 40 students?
b. Identify the symmetrical interval that includes 99% of the sample means if the true population mean is $22,550 per student.
c. Answer the question in part a for a sample size of 80. Explain the differences in these two probabilities.
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Given that
Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. The average student loan of somebody younger than 30 is $22,550. Assume the
standard deviation for debt is $5,500 per student.
a. What is the probability that the sample mean will be less than $23,000 for a sample size of 40 students? b. Identify the symmetrical interval that includes 99% of the sample means if the true population mean is $22,550 per student.
c. Answer the question in part a for a sample size of 80. Explain the differences in these two probabilities.
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