Borrowing money may be necessary for business expansion. However, too much borrowed money can also mean trouble. Are developing countries tending to borrow more? A random sample of 20 developing countries gave the following information regarding foreign debt per capita (in U.S. dollars, inflation adjusted)

Does this information indicate that foreign debt per capita is increasing in developing countries? Use a 1% level of significance.
(a) What is the level of significance? State the null and alternate hypotheses.
(b) Compute the sample test statistic. What is the sampling distribution?
(c) Find the P-value of the sample test statistic.
(d) Conclude the test.
(e) Interpret the conclusion in the context of the application.

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1 23 4 5 6 78 9 10 Country Modern Debt per Capita 179 157 129 125 91 80 31 25 29 85 Historic Debt per Capita 144 132 88 112 53 66 31 30 40 75 Country Modern Debt per Capita 27 20 17 21 195 189 143 126 106 76 Historic Debt per Capita 21 19 15 24 104 150 142 118 117 79 11 12 13 14 15 16 17 18 9 20