Question: Compare student credit card debt for different age groups. The credit card study in the previous exercise examined the amount of debt held by different
Compare student credit card debt for different age groups. The credit card study in the previous exercise examined the amount of debt held by different age groups. It was found that the mean credit card debt for graduate students in the United States aged 22 to 29 years was $6479, while the debt for students aged 30 to 59 years was $12,593. The difference is $6114. Can we conclude that older graduate students have a different debt level than younger students? To determine if the data provide evidence for a difference, we calculate the probability of observing a difference as large or larger than the observed $6114 assuming that there is no difference in the true means. The calculated probability is 4.4 × 10−27. What do you conclude? Illustrate the probability result with a sketch, and write a short paragraph explaining your answer.
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