According to student-loan provider Sallie Mae, the median amount of money borrowed by a student for college during the 2011–2012 academic year was $7,874. Suppose Sallie Mae would like to determine if there was an increase in the median amount borrowed for the following academic year.

The following data represent a random sample of student loan amounts for the 2012–2013 academic year. These data can also be found in the Excel file Sallie Mae.xlsx.

$7,300 $3,100 $14,100 $9,800 $7,400 $13,100

$6,000 $4,400 $6,000 $1,800 $12,700 Using a = 0.10, perform a hypothesis test to determine if the median amount borrowed increased from the academic year 2011–2012 to the academic year 2012–2013.

AppendixLO1