A rich donor has approached a small liberal arts college and wants to know what the...

A rich donor has approached a small liberal arts college and wants to know what the total of all of the student debt at the college is. She is considering paying off every student’s debt, but needs to know how much that is before she publicly announces her plan. In response, the school decides to conduct a survey of its students to find out what the total of all students’ debt is. They want to be sure that in-state, out-of-state, and international students are all properly represented so they decide to take a stratified sample. Using the below information, calculate the total student debt for the college and construct a confidence interval around the total student debt for the college. NOTE: You will have to choose a reasonable confidence interval.

	In-State Students	Out-Of-State Students	International Students
Population (number at the college)	1,367	2,475	329
Sample size (how many included in the sample)	82	149	20
Mean student debt (within the sample)	$13,012	$21,387	$25,935
Standard deviation (within the sample)	$4,576	$6,278	$8,009

Solutions

Expert Solution

In-States Students Confidence interval = [30.637, 34.363]

Out-Of-State Students Confidence interval = [20,409.562, 22,364.438]

International Students Confidence interval = [22,302.113, 29,567.887]

orchestra answered 1 year ago

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