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Aggregatestudentloandebtfortheclassof2016setarecordat$1.45Trillion. Incomparison,2006 studentloandebtwas$445Billion.Themediatends tohighlightthisdifference,buttheyoftenfail torecognizethattherewere roughly44million Americanswithstudent loandebtin2016compared with only 20 million Americans in 2006. Use the worksheet loans to analyze the difference in average
- Aggregatestudentloandebtfortheclassof2016setarecordat$1.45Trillion. Incomparison,2006 studentloandebtwas$445Billion.Themediatends tohighlightthisdifference,buttheyoftenfail torecognizethattherewere roughly44million Americanswithstudent loandebtin2016compared with only 20 million Americans in 2006. Use the worksheet "loans" to analyze the difference in average studentloandebt perstudent.Thedatasetincludesobservationsfromtworandomsamples ofloandebtforstudentsin2006and2016.
- a) Weareinterestedintestingiftheaverage studentloandebtperstudent in2016exceeds average student loan debt in 2006. Specify the null and alternative hypothesis for such atest.
H0:
Ha:
- b) What is the estimated difference in loan debt between the twoyears? Interpret thisvalue
- c) Let=.10.Perform thehypothesistest.Reportthep-valueforthetest.Whatisyourconclusion from thistest?
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