Question

According to the government lending institution Sallie Mae, students graduating from college have an average credit card debt of $ 4,100. A random sample of 50 graduating seniors was selected, and their average credit card debt was found to be $ 4,360. Assume the standard deviation for student credit card debt is $ 1,200. Using σ = 0.05, answer the following questions:
a. Does this sample provide enough evidence to challenge the findings by Sallie Mae?
b. Determine the p value for this test.
c. Verify your results using PHStat.


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  • CreatedJuly 17, 2015
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