Question
In: Statistics and Probability
The average student loan debt of a U.S. college student at the end of four years...
The average student loan debt of a U.S. college student at the end of four years of college is estimated to be about $22,000. You take a random sample of 150 college students in the state of Wyoming and find that the mean debt is $19,850, and the sample standard deviation is $2,180.
(a) Construct a 95% confidence interval for the mean debt of all Wyoming college graduates.
(b) Construct a 98% confidence interval for the mean debt of all Wyoming college graduates.
(c) Is there evidence that the mean debt of all Wyoming college graduates is significantly different from the national average? To answer this research question, do the following:
(1) State the hypotheses.
(2) Calculate the test statistic.
(3) Estimate the p-value, and state a decision.
(4) Using the p-value, assess the strength of your decision.
(5) Answer the research question.
Solutions
PL??
orchestra answered 2 years agoRelated Solutions
The average student loan debt of a U.S. college student at the end of four years...
The average student loan debt of a U.S. college student
at the end of four years of college is estimated to be about
$22,000. You take a random sample of 150 college students in the
state of Wyoming and find that the mean debt is $19,850, and the
sample standard deviation is $2,180.
(a) Construct a 95% confidence interval for the mean debt of all
Wyoming college graduates.
(b) Construct a 98% confidence interval for the mean debt of all...
The average student loan debt of a U.S. college student at the end of 4 years...
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of $2,700. You want to construct a 99% confidence interval for the
mean debt for all Vermont college students.
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The average student loan debt of a U.S. college student at the end of 4 years...
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Student Debt – Vermont: The average student loan debt of a U.S. college student at the...
Student Debt – Vermont: The average student
loan debt of a U.S. college student at the end of 4 years of
college is estimated to be about $21,800. You take a random sample
of 141 college students in the state of Vermont and find the mean
debt is $23,000 with a standard deviation of $2,800. You want to
construct a 99% confidence interval for the mean debt for all
Vermont college students.
(a) What is the point estimate for the...
Student Debt – Vermont: The average student loan debt of a U.S. college student at the...
Student Debt – Vermont: The average student
loan debt of a U.S. college student at the end of 4 years of
college is estimated to be about $22,500. You take a random sample
of 146 college students in the state of Vermont and find the mean
debt is $23,500 with a standard deviation of $2,600. We want to
construct a 90% confidence interval for the mean debt for all
Vermont college students.
(a) What is the point estimate for the...
The average student loan debt for college graduates is $25,300. Suppose that that distribution is normal...
The average student loan debt for college graduates is $25,300.
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deviation is $13,750. Let X = the student loan debt of a randomly
selected college graduate. Round all probabilities to 4 decimal
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The average student loan debt for college graduates is $25,300. Suppose that that distribution is normal...
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deviation is $14,700. Let X = the student loan debt of a randomly
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The Hidden Student Loan Debt Problem Much outrage has been expressed over the difficulty U.S. college...
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Much outrage has been expressed over the difficulty U.S. college
students and recent graduates are facing because of their student
loan debt. Since the recession began in 2008, the amount of student
loan debt has spiked by 84 percent, with borrowers owing a record
$1.2 trillion. Nearly 40 million Americans have at least one
outstanding student loan, according to new research by Experian.
But is the problem as dire as some make it out...
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