EBK STATISTICS FOR BUSINESS & ECONOMICS
12th Edition
ISBN: 8220100460463
Author: Anderson
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 65SE
The U.S. Department of Education reports that about 50% of all college students use a student loan to help cover college expenses (National Center for Educational Studies, January 2006). A sample of students who graduated with student loan debt is shown here. The data, in thousands of dollars, show typical amounts of debt upon graduation.
10.1 14.8 5.0 10.2 12.4 12.2 2.0 11.5 17.8 4.0
- a. For those students who use a student loan, what is the
mean loan debt upon graduation? - b. What is the variance? Standard deviation?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Borrowing money may be necessary for business expansion. However, too much borrowed money can also mean trouble. Are developing countries tending to borrow more? A random sample of 20 developing countries gave the following information regarding foreign debt per capita (in U.S. dollars, inflation adjusted). (Reference: Handbook of International Economic Statistics, U.S. Government Documents.)
Country
1
2
3
4
5
6
7
8
9
10
Modern Debt per Capita
175
152
123
121
99
89
39
22
24
87
Historic Debt per Capita
145
137
85
114
59
67
33
31
45
76
Country
11
12
13
14
15
16
17
18
19
20
Modern Debt per Capita
26
25
12
23
193
182
142
124
107
78
Historic Debt per Capita
28
12
14
27
105
151
143
114
116
73
Does this information indicate that foreign debt per capita is increasing in developing countries? Use a 0.05 level of significance.
(a) What is the level of significance?State the null and alternate hypotheses.
H0: Distributions are the same.H1: Modern debt distribution is…
Borrowing money may be necessary for business expansion. However, too much borrowed money can also mean trouble. Are developing countries tending to borrow more? A random sample of 20 developing countries gave the following information regarding foreign debt per capita (in U.S. dollars, inflation adjusted). (Reference: Handbook of International Economic Statistics, U.S. Government Documents.)
Country
1
2
3
4
5
6
7
8
9
10
Modern Debt per Capita
175
152
125
124
95
83
34
29
21
89
Historic Debt per Capita
147
134
86
113
58
62
33
36
49
72
Country
11
12
13
14
15
16
17
18
19
20
Modern Debt per Capita
23
28
18
29
197
189
144
124
102
71
Historic Debt per Capita
24
12
12
29
106
156
145
119
118
76
Does this information indicate that foreign debt per capita is increasing in developing countries? Use a 0.01 level of significance.
(a) What is the level of significance?
Compute the sample test statistic.
Find the P-value of the sample test statistic.
Help me fast
Chapter 3 Solutions
EBK STATISTICS FOR BUSINESS & ECONOMICS
Ch. 3.1 - Consider a sample with data values of 10, 20, 12,...Ch. 3.1 - Consider a sample with data values of 10, 20, 21,...Ch. 3.1 - Consider the following data and corresponding...Ch. 3.1 - Consider the following data. Period Rate of Return...Ch. 3.1 - Consider a sample with data values of 27, 25, 20,...Ch. 3.1 - Consider a sample with data values of 53, 55, 70,...Ch. 3.1 - The average number of minutes Americans commute to...Ch. 3.1 - During the 2007-2008 NCAA college basketball...Ch. 3.1 - Endowment income is a critical part of the annual...Ch. 3.1 - The cost of consumer purchases such as...
Ch. 3.1 - According to the National Education Association...Ch. 3.1 - The Big Bang Theory, a situation comedy featuring...Ch. 3.1 - In automobile mileage and gasoline-consumption...Ch. 3.1 - The data contained in the file named StateUnemp...Ch. 3.1 - Martinez Auto Supplies has retail stores located...Ch. 3.1 - The grade point average for college students is...Ch. 3.1 - The following table shows the total return and the...Ch. 3.1 - Based on a survey of masters programs in business...Ch. 3.1 - Annual revenue for Corning Supplies grew by 5.5%...Ch. 3.1 - Suppose that at the beginning of 2004 you invested...Ch. 3.1 - If an asset declines in value from 5000 to 3500...Ch. 3.1 - The current value of a company is 25 million. If...Ch. 3.2 - Consider a sample with data values of 10, 20, 12,...Ch. 3.2 - Consider a sample with data values of 10, 20, 12,...Ch. 3.2 - Consider a sample with data values of 27, 25, 20,...Ch. 3.2 - A bowlers scores for six games were 182, 168, 184,...Ch. 3.2 - The results of a search to find the least...Ch. 3.2 - The Australian Open is the first of the four grand...Ch. 3.2 - The Los Angeles times regularly reports the air...Ch. 3.2 - The following data were used to construct the...Ch. 3.2 - The results of Accounting Principals latest...Ch. 3.2 - Prob. 32ECh. 3.2 - Scores turned in by an amateur golfer at the...Ch. 3.2 - The following times were recorded by the...Ch. 3.3 - Consider a sample with data values of 10, 20, 12,...Ch. 3.3 - Consider a sample with a mean of 500 and a...Ch. 3.3 - Consider a sample with a mean of 30 and a standard...Ch. 3.3 - Suppose the data have a bell-shaped distribution...Ch. 3.3 - The results of a national survey showed that on...Ch. 3.3 - The energy information Administration reported...Ch. 3.3 - The national average for the math portion of the...Ch. 3.3 - Many families in California are using backyard...Ch. 3.3 - Florida Power Light (FPL) Company has enjoyed a...Ch. 3.3 - A sample of 10 NCAA college basketball game scores...Ch. 3.3 - The Associated Press Team Marketing Report listed...Ch. 3.4 - Consider a sample with data values of 27, 25, 20,...Ch. 3.4 - Prob. 47ECh. 3.4 - Prob. 48ECh. 3.4 - A data set has a first quartile of 42 and a third...Ch. 3.4 - Naples, Florida, hosts a half-marathon (13.1-mile...Ch. 3.4 - Annual sales, in millions of dollars, for 21...Ch. 3.4 - Consumer Reports provided overall customer...Ch. 3.4 - The Philadelphia Phillies defeated the Tampa Bay...Ch. 3.4 - A listing of 46 mutual funds and their 12-month...Ch. 3.5 - Five observations taken for two variables follow....Ch. 3.5 - Five observations taken for two variables follow....Ch. 3.5 - Ten major college football bowl games were played...Ch. 3.5 - A department of transportations study on driving...Ch. 3.5 - At the beginning of 2009, the economic downturn...Ch. 3.5 - The Dow Jones Industrial Average (DJIA) and the...Ch. 3.5 - Prob. 61ECh. 3 - The average number of times Americans dine out in...Ch. 3 - The U.S. Census Bureau provides statistics on...Ch. 3 - The average waiting time for a patient at an El...Ch. 3 - The U.S. Department of Education reports that...Ch. 3 - Small business owners often look to payroll...Ch. 3 - Public transportation and the automobile are two...Ch. 3 - The National Association of Realtors reported the...Ch. 3 - Prob. 69SECh. 3 - Travel + Leisure magazine provides an annual list...Ch. 3 - Morningstar tracks the performance of a large...Ch. 3 - Does a major league baseball teams record during...Ch. 3 - The days to maturity for a sample of five money...Ch. 3 - Automobiles traveling on a road with a posted...Ch. 3 - The Panama Railroad Company was established in...Ch. 3 - Pelican Stores Pelican Stores, a division of...Ch. 3 - Motion Picture Industry The motion picture...Ch. 3 - Business Schools of Asia-Pacific The pursuit of a...Ch. 3 - Heavenly Chocolates Website Transactions Heavenly...Ch. 3 - African Elephant Populations Although millions of...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Borrowing money may be necessary for business expansion. However, too much borrowed money can also mean trouble. Are developing countries tending to borrow more? A random sample of 20 developing countries gave the following information regarding foreign debt per capita (in U.S. dollars, inflation adjusted). (Reference: Handbook of International Economic Statistics, U.S. Government Documents.) Country 1 2 3 4 5 6 7 8 9 10 Modern Debt per Capita 171 151 122 124 97 84 32 24 28 81 Historic Debt per Capita 146 135 84 111 52 67 34 31 46 76 Country 11 12 13 14 15 16 17 18 19 20 Modern Debt per Capita 26 24 18 25 191 183 146 129 102 79 Historic Debt per Capita 25 13 14 29 103 153 149 115 116 72 Does this information indicate that foreign debt per capita is increasing in developing countries? Use a 0.01 level of significance. (a) What is the level of significance? (b) Compute the sample test statistic. (Round your answer to two decimal places.) (c) Find the P-value…arrow_forwardsignment%202.pdf - A Read aloud Draw 5. According to the Ameriprise Financial Money Across Generations study, 9 out of 10 parents with adult children ages 20 to 35 have helped their adult children with some type of financial assistance ranging from college, a car, rent, utilities, credit card debt, and/or down payments for houses. The following table with sample data consistent with the study 2|Page shows the number of times parents have given their adult children financial assistance to buy a car and to pay rent. Pay Rent Yes No Buy a car Yes 583 529 No 169 788 a. Develop a joint probability table and use it to answer the remaining questions. b. If parents did not provide financial assistance to buy a car, what it the probability that the parents assisted with paying rent? C. Is financial assistance to buy a car independent of financial assistance to pay rent? Use probabilities to justify your answer.arrow_forwardPlease answer my questitions.Thanks.arrow_forward
- A Bloomberg Businessweek North American subscriber study collected data from a sample of 2861 sub-scribers. Fifty- nine percent of the respondents indicated an annual income of $ 75,000 or more, and 50% reported having an American Express credit card. a. What is the population of interest in this study? b. Is annual income a categorical or quantitative variable? c. Is ownership of an American Express card a categorical or quantitative variable? d. Does this study involve cross- sectional or time series data? e. Describe any statistical inferences Bloomberg Businessweek might make on the basis of the survey.arrow_forwardSamples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 48.0 59.8 50.2 57.3 54.1 59.2 56.9 53.2 50.9 54.0 54.6 50.9 48.7 59.5 52.9 57.0 50.8 52.9 48.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. H0: The two populations of salaries are identical.Ha: The two populations of salaries are not identical. H0: Median salary for public accountants − Median salary for financial planners > 0Ha: Median salary for public accountants − Median salary for financial planners = 0 H0: Median salary for public accountants − Median salary for financial planners ≥ 0Ha: Median salary for public accountants − Median salary for financial planners…arrow_forwardSamples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 48.0 59.8 50.2 56.3 53.1 59.2 55.9 55.2 52.9 56.0 52.6 51.9 48.7 60.5 53.9 58.0 52.8 50.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. H0: The two populations of salaries are identical.Ha: The two populations of salaries are not identical. H0: Median salary for public accountants − Median salary for financial planners > 0Ha: Median salary for public accountants − Median salary for financial planners = 0 H0: Median salary for public accountants − Median salary for financial planners ≥ 0Ha: Median salary for public accountants − Median salary for financial…arrow_forward
- Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 48.0 57.8 49.2 55.3 54.1 57.2 54.9 53.2 51.9 55.0 53.6 50.9 50.7 60.5 53.9 56.0 51.8 51.9 47.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. k State the null and alternative hypotheses. O Ho: The two populations of salaries are identical. H: The two populations of salaries are not identical. O Ho: The two populations of salaries are not identical. H: The two populations of salaries are identical. O Ho: Median salary for public accountants - Median salary for financial planners SO H Median salary for public accountants - Median salary for financial planners > 0 O Ho: Median salary for public accountants - Median salary for financial planners > 0 H:…arrow_forwardSamples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 49.0 57.8 49.2 56.3 52.1 58.2 54.9 55.2 50.9 54.0 53.6 50.9 50.7 59.5 54.9 58.0 52.8 52.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. OH,: Median salary for public accountants - Median salary for financial planners 20 H₂: Median salary for public accountants - Median salary for financial planners 0 H: Median salary for public accountants - Median salary for financial planners > 0 H: Median salary for public accountants - Median salary for financial planners = 0 Find the value of the test statistic. W = Find the p-value. (Round your answer to four decimal places.) p-value = What is your conclusion?…arrow_forwardWhat is A, B, and C? The biggest cause of inventory loss, called shrinkage, is shoplifting, followed closely by employee theft. In one study, the nine countries with the highest shrinkage rates, measured in the dollar amount lost for every $100 in sales, are as follows. Country South India Russia Morocco Africa Brazil Mexico Thailand Turkey ShrinkageRate ($) 2.36 1.76 1.72 1.71 1.68 1.64 1.64 1.63 Let A denote the set of countries that have a shrinkage rate greater than $1.65, let B be the set of countries that have a shrinkage rate between $1.65 and $1.73, and let C be the set of countries that have a shrinkage rate less than $1.70. Find the following sets. (Let I represent India, R represent Russia, M represent Morocco, S represent South Africa, B represent Brazil, X represent Mexico, H represent Thailand, and T represent Turkey. Enter your answers using roster notation. Enter EMPTY or ∅ for the empty set.) (a) A, B, and C A = B =…arrow_forward
- Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 51.2 48.0 58.8 50.2 57.3 53.1 59.2 56.9 55.2 52.9 56.0 54.6 49.9 49.7 60.5 54.9 56.0 51.8 50.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative hypotheses. H0: Median salary for public accountants − Median salary for financial planners > 0Ha: Median salary for public accountants − Median salary for financial planners = 0H0: The two populations of salaries are not identical.Ha: The two populations of salaries are identical. H0: The two populations of salaries are identical.Ha: The two populations of salaries are not identical.H0: Median salary for public accountants − Median salary for…arrow_forwardThe price per share of stock for a sample of 25 companies was recorded at the beginning of the first financial quarter and then again at the end of the first financial quarter. How stocks perform during the first financial quarter is an indicator of what is ahead for the stock market and the economy. Company End of 1st quarter Beginning of 1st quarter Bank of New York Mellon 54.19 53.82 Kraft Foods 55.70 77.02 E.I. du Pont de Nemours and Company 102.57 109.00 Consolidated Edison 79.95 83.58 Johnson & Johnson 126.01 139.23 Union Pacific 132.73 135.78 Comcast 32.06 41.07 Applied Materials 50.91 53.04 Pfizer 35.40 36.44 General Electric 14.05 17.98 AT&T 32.54 38.54 Cisco Systems 44.83 38.86 Home Depot 184.63 188.03 JP Morgan Chase 108.78 107.95 Procter & Gamble 71.96 90.65 Verizon 48.82 53.53 Devon Energy 36.20 42.23 Lilly 79.07 84.68 Microsoft 95.00 85.95 Coca Cola 42.59 45.59 Qualcomm 50.82 65.20 Exxon Mobil Corporation 76.95…arrow_forwardSee attatchmentarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Mod-01 Lec-01 Discrete probability distributions (Part 1); Author: nptelhrd;https://www.youtube.com/watch?v=6x1pL9Yov1k;License: Standard YouTube License, CC-BY
Discrete Probability Distributions; Author: Learn Something;https://www.youtube.com/watch?v=m9U4UelWLFs;License: Standard YouTube License, CC-BY
Probability Distribution Functions (PMF, PDF, CDF); Author: zedstatistics;https://www.youtube.com/watch?v=YXLVjCKVP7U;License: Standard YouTube License, CC-BY
Discrete Distributions: Binomial, Poisson and Hypergeometric | Statistics for Data Science; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=lHhyy4JMigg;License: Standard Youtube License