In a study of student loans at four-year colleges across the US, the national average was found to be $29,411.You are sure that your school has a lower average of the amount that students need to borrow to complete degree at your school.You make a claim that a student can graduate with an average debt lower than the national average. To test your claim, you use data from a random sample of recent graduates from your school.The data is inthe attached file.

• At= 0.05, is there enough evidence to support your claim?Be sure to show the following information:

A. Null and alternative hypotheses in appropriate symbolic form

B. Test statistic

C. P-Value

• For the hypotheses you specified, there are two errors that could occur:

A. Concluding that the student loan average at your school is lower than the national average, when it is not.

B. Concluding that the student loan average at your school is not lower than the national average, when it is.

• Determine which of the above two errors is a Type I error and which is a Type II error.Indicate which error would have worse consequences and why.

• How could the hypothesis test be conducted in order to reduce the chance of making the more serious error?