Question
Exhibit: Average Debt Load. The Department of Education would like to check if the average debt load of graduating students with a bachelor's degree is
Exhibit: Average Debt Load.
The Department of Education would like to check if the average debt load of graduating students with a bachelor's degree is different from $17,000. A random sample of 34 students had an average debt load of $18,200. It is believed that the population standard deviation for student debt load is $4,200. The significance levelis set to 0.02 for the hypothesis test.
Round your solutions for this Exhibit to4 decimal places.
Question 38:
Refer to the Exhibit Average Debt Load.
Calculate the critical value for the test:
Question 39
Refer to the Exhibit Average Debt Load.
State your conclusion for the test.
a.z/2 b.z/2 c. zx>z/2we reject Ho. Therefore, there is enough evidence to conclude that the average debt load of graduating students with a bachelor's degree is different from $17,000. d.zx
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