According to the government-lending institution Sallie Mae, students graduating from college have an average credit card debt of $4,100. A random sample of 50 graduating seniors was selected, and their average credit card debt was found to be $4,360. Assume the standard deviation for student credit card debt is $1,200. Using a = 0.05, answer the following questions:

a. Does this sample provide enough evidence to challenge the findings by Sallie Mae?

b. Determine the p-value for this test.

c. Verify your results using PHStat.

AppendixLO1