You would like to estimate the amount of student loan debt a graduating senior will...
You would like to estimate the amount of student loan debt a graduating senior will have at the time of repayment which begins in November. You randomly select 72 graduating seniors and get a sample mean of $31,172 with a standard deviation of $6,423. Construct a 98% confidence interval for the amount of debt a graduating senior will have. (Make sure you are careful selecting the correct values and that you round to the nearest penny. You will not get any credit if you are off by more than 1 cent.) (Round to the nearest penny and state the answer as an interval – for example $351.89 to $728.14).
Homework Answers
Here sample size is n=72>30, so we will use z distribution to find CI
z value for 98% CI is 2.326 as P(-2.326<z<2.326)=0.98
So Margin of Error is 
Hence CI is 
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You would like to estimate the amount of student
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