## Question

###### According to an estimate, the average total parent and studentdebt for new college graduates was $34,400 in 2010â€“11(Time, October 31, 2011). A random sampleof 450 of this yearâ€™s graduates showed that their averagesuch debt is $37,000 with a standard deviation of $5380. Dothe data provide significant evidence at a 10% significancelevel to conclude that the current average total parent and studentdebt for new graduates is higher than $34,400? Use boththe p-value approach and the critical-value

According to an estimate, the average total parent and student debt for new college graduates was $34,400 in 2010â€“11 (Time, October 31, 2011). A random sample of 450 of this yearâ€™s graduates showed that their average such debt is $37,000 with a standard deviation of $5380. Do the data provide significant evidence at a 10% significance level to conclude that the current average total parent and student debt for new graduates is higher than $34,400? Use both the p-value approach and the critical-value approach. Use the p-value approach. Use the t distribution table to find a range for the p-value. Enter the exact values for the range. Enter your answer; --_____________ < p-value < ______________ Use the critical-value approach. Round your observed value to four decimal places, and your critical value to two decimal places. Observed value = Critical value =