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 1 year 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...
The average student loan debt of a U.S. college student at the
end of 4 years of college is estimated to be about $23,300. You
take a random sample of 136 college students in the state of
Vermont and find the mean debt is $24,500 with a standard deviation
of $2,700. 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 mean debt of all...
The average student loan debt of a U.S. college student at the end of 4 years...
The average student loan debt of a U.S. college student at the
end of 4 years of college is estimated to be about $24,100. You
take a random sample of 136 college students in the state of
Vermont and find the mean debt is $25,000 with a standard deviation
of $2,400. 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 mean debt of all...
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.
Suppose that that distribution is normal and that the standard
deviation is $11,250. Let X = the student loan debt of a randomly
selected college graduate. Round all probabilities to 4 decimal
places and all dollar answers to the nearest dollar.
a. What is the distribution of X? X ~ N(,)
b Find the probability that the college graduate has between $7,500
and $18,100 in student loan debt.
c. The...
The average student loan debt for college graduates is $25,850. Suppose that that distribution is normal...
The average student loan debt for college graduates is $25,850.
Suppose that that distribution is normal and that the standard
deviation is $13,750. Let X = the student loan debt of a randomly
selected college graduate. Round all probabilities to 4 decimal
places and all dollar answers to the nearest dollar.
a. What is the distribution of X? X ~ N(,)
b Find the probability that the college graduate has between
$28,750 and $46,650 in student loan debt.
c. 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.
Suppose that that distribution is normal and that the standard
deviation is $14,700. Let X = the student loan debt of a randomly
selected college graduate. Round all probabilities to 4 decimal
places and all dollar answers to the nearest dollar.
a. What is the distribution of X? X ~ N(,)
b Find the probability that the college graduate has between $7,950
and $25,200 in student loan debt.
c. The...
Five years ago the average university student owed $19,000 in student-loan debt at the time of...
Five years ago the average university student owed $19,000 in
student-loan debt at the time of graduation. With all the cuts in
funding, it is suspected that this amount has gone up. A survey of
45 recent university graduates revealed an average student-loan
debt of $20,000. Assume that the population standard deviation is
$2,500.
a) Define the parameter of interest (in words), and then
formulate the null hypothesis and the alternative hypotheses.
b) Find the p-value and make a conclusion...
The Hidden Student Loan Debt Problem Much outrage has been expressed over the difficulty U.S. college...
The Hidden Student Loan Debt Problem
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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Inside the skeletal file you'll find a complete main function, as well as the function headers...
- A firm has the following long run production function x = a(K^1/2)(L^1/2)(P^1/4), where a > 0...
- How would you contrast the efficiencies of oligopoly with those of monopoly?
- 2. A small community currently taxes residents to provide monthly community concerts. Voter A currently pays...
- 1: The DMAIC Technique (15 Marks) Describe what DMAIC means and how is it used in...
- Discuss the stages of consciousness including wake, interruptions of consciousness, and the stages of sleep. Summarize...
- . Two friends are playing a matching card game where friend 1, Max, chooses an Ace,...
ADVERTISEMENT