# Question

A random sample of the average debt (in dollars) at graduation from 30 of the top 100 public colleges and universities is listed below. Is there sufficient evidence at α = 0.01 to conclude that the population mean debt at graduation is less than \$18,000? Assume σ = 2605.
Perform each of the following steps.
a. State the hypotheses and identify the claim.
b. Find the critical value(s).
c. Compute the test value.
d. Make the decision.
e. Summarize the results.
Use the traditional method of hypothesis testing unless otherwise specified.

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