Question 1197670: The average student-loan debt is reported to be $25,235. A student believes that the student-loan debt is higher in her area. She takes a random sample of 100 college students in her area and determines the mean student-loan debt is $27,524 and the standard deviation is $6,000. Is there sufficient evidence to support the student's claim at a 5% significance level?
Is it safe to assume that n≤5%
of all college students in the local area?
No
Yes
Is n≥30?
Test the claim:
Determine the null and alternative hypotheses. Enter correct symbol and value.
H0: μ=
Determine the test statistic. Round to two decimals.
Find the
p
-value. Round to 4 decimals.
Answer by ewatrrr(24785)   (Show Source):
You can put this solution on YOUR website! Ho: µ = $25,235
Ha: µ > $25,235
n = 100, x̄ = $27,524 s = $6000
n = 100 , n≥ 30, standard Z distribution will be used.
0.05 significance level, Critical value(df=99) = 1.6604 0r 1.645 standard
 = 3.8167
3.8167 > 1.645 Reject Ho
P(z ≤ t-value) = .0001 < .05 Reject Ho
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