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$24,350.Assume the standard deviation for debt is$3,000per student. **Understanding Sample Means and Probabilities in Student Loan Debt**Student loan debt remains the only form of consumer debt that has seen growth since the peak of consumer debt in 2008. For individuals under 30, the average student loan is approximately $24,350, with a standard deviation of $3,000 per student.**Key Questions:**a. **Probability of Sample Mean Less Than $25,000 for 35 Students** What is the probability that the average student loan debt for a sample of 35 students will be less than $25,000?b. **Symmetrical Interval for 94% of Sample Means** Determine the symmetrical range that includes 94% of the sample means, assuming the true population mean is $24,350.c. **Probability Comparison for Sample Size of 70** Re-evaluate question (a) for a larger sample size of 70 students, and explain the differences between these two scenarios.---**Detailed Explanation:**- The focus is on calculating probabilities and understanding sample distributions based on given parameters such as the mean and standard deviation.- The use of normal distribution in computing these probabilities and intervals can be assumed due to the large sample sizes.

We have given that. X~N( μ , ?^2 ) μ =24350 , ? = 3000 ,n= 30 Z-score =( x - μ )/?

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 $24,350. Assume the standard deviation for debt is $3,000 per student.

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 $24,350. Assume the standard deviation for debt is $3,000 per student.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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