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Five years ago the average university student owed $19,000 in student-loan debt at the time of...

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Statistics

Five years ago the average university student owed $19,000 instudent-loan debt at the time of graduation. With all the cuts infunding, it is suspected that this amount has gone up. A survey of45 recent university graduates revealed an average student-loandebt of $20,000. Assume that the population standard deviation is$2,500.

a) Define the parameter of interest (in words), and thenformulate the null hypothesis and the alternative hypotheses.

b) Find the p-value and make a conclusion in the context of thequestion. Use a level of significance of 5% (i.e. α = 0.05).

Answer & Explanation Solved by verified expert
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Solution 19000200002500n 45This is the two tailed test    See Answer
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