According to student loan provider Sallie Mae, the median amount of money borrowed by a student for college during the 2011– 2012 academic year was $ 7,874. Suppose Sallie Mae would like to determine if there was an increase in the median amount borrowed for the following academic year. The following data represent a random sample of student loan amounts for the 2012– 2013 academic year. These data can also be found in the Excel file Sallie Mae.xlsx.
Using α = 0.10, perform a hypothesis test to determine if the median amount borrowed increased from the academic year 2011– 2012 to the academic year 2012– 2013.
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