Question

According to the government lending institute Sallie Mae, students graduating college in United States have an average credit card debt of $6,130 with a standard deviation of $840. A random sample of 27 graduating seniors was selected, and their average credit card debt was found to be $5,760. Does this sample provide enough evidence to challenge the findings by Sallie Mae?a=0.05. What is the test statistic?

Answer 1

Hypothesis:

$H_{0}:\mu =6130$

$H_{a}:\mu \neq 6130$

Test statistics

$Z=\frac{(\bar{x}-\mu )}{\sigma /\sqrt{n}}$

$Z=\frac{(5760-6130)}{840 /\sqrt{27}}$=-2.29

#test statistics is -2.29