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Student Debt – Vermont (Raw...

Student Debt – Vermont (Raw Data, Software Required):

The average student loan debt of a U.S. college student at the end of 4 years of college is estimated to be about $22,400. You take a random sample of 40 college students in the state of Vermont. The debt for these students is found in the table below. We want to construct a 99% confidence interval for the mean debt for all Vermont college students. You will need software to answer these questions. You should be able to copy and paste the data directly from the table into your software program.(a) What is the point estimate for the mean debt of all Vermont college students? Round your answers to the nearest whole dollar.

$(b) Construct the 99% confidence interval for the mean debt of all Vermont college students. Round your answers to the nearest whole dollar.

< μ <(c) Are you 99% confident that the mean debt of all Vermont college students is greater than the quoted national average of $22,400 and why?

Yes, because $22,400 is above the lower limit of the confidence interval for Vermont students.

No, because $22,400 is below the lower limit of the confidence interval for Vermont students.

No, because $22,400 is above the lower limit of the confidence interval for Vermont students.

Yes, because $22,400 is below the lower limit of the confidence interval for Vermont students.(d) We are never told whether or not the parent population is normally distributed. Why could we use the above method to find the confidence interval?

Because the margin of error is positive.

Because the sample size is greater than 30.

Because the sample size is less than 100.

Because the margin of error is less than 30.

Student Debt

1 22406

2 26436

3 24322

4 25293

5 21767

6 25039

7 27408

8 25421

9 25245

10 21071

11 24377

12 24271

13 19344

14 22566

15 23742

16 24251

17 22123

18 26683

19 25574

20 19372

21 19607

22 27085

23 22236

24 25239

25 26700

26 21424

27 23140

28 22930

29 23869

30 23879

31 23641

32 26625

33 23193

34 23816

35 24887

36 26439

37 21463

38 22878

39 28504

40 25578

The average student loan debt of a U.S. college student at the end of 4 years of college is estimated to be about $22,400. You take a random sample of 40 college students in the state of Vermont. The debt for these students is found in the table below. We want to construct a 99% confidence interval for the mean debt for all Vermont college students. You will need software to answer these questions. You should be able to copy and paste the data directly from the table into your software program.(a) What is the point estimate for the mean debt of all Vermont college students? Round your answers to the nearest whole dollar.

$(b) Construct the 99% confidence interval for the mean debt of all Vermont college students. Round your answers to the nearest whole dollar.

< μ <(c) Are you 99% confident that the mean debt of all Vermont college students is greater than the quoted national average of $22,400 and why?

Yes, because $22,400 is above the lower limit of the confidence interval for Vermont students.

No, because $22,400 is below the lower limit of the confidence interval for Vermont students.

No, because $22,400 is above the lower limit of the confidence interval for Vermont students.

Yes, because $22,400 is below the lower limit of the confidence interval for Vermont students.(d) We are never told whether or not the parent population is normally distributed. Why could we use the above method to find the confidence interval?

Because the margin of error is positive.

Because the sample size is greater than 30.

Because the sample size is less than 100.

Because the margin of error is less than 30.

Student Debt

1 22406

2 26436

3 24322

4 25293

5 21767

6 25039

7 27408

8 25421

9 25245

10 21071

11 24377

12 24271

13 19344

14 22566

15 23742

16 24251

17 22123

18 26683

19 25574

20 19372

21 19607

22 27085

23 22236

24 25239

25 26700

26 21424

27 23140

28 22930

29 23869

30 23879

31 23641

32 26625

33 23193

34 23816

35 24887

36 26439

37 21463

38 22878

39 28504

40 25578

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