College students are accumulating increasing amounts of debtwhile they pursue their degrees. This debt has a significanteconomic affect as the new graduates strive to begin their lifeafter graduation. Nationally, the mean debt of recent graduatesfrom all public 4-year institutions was$27995.

How does the loan debt of recent graduates of North Carolina'spublic colleges and universities compare to student loan debtnationally? To answer this question, use the data in this Excelfile Student Debt Recent UNC System Grads that shows the studentdebt of recent graduates from 12 UNC System schools to perform thehypothesis test:

H₀: μ =27995, H_a: μ< 27995

where μ is the mean student loan debt of all recentgraduates from UNC System schools.

Name	Institution Sector	Average debt of graduates
Appalachian StateUniversity	Public, 4-year or above	$22,855
East Carolina University	Public, 4-year or above	$28,918
North Carolina A & T StateUniversity	Public, 4-year or above	$34,379
North Carolina StateUniversity	Public, 4-year or above	$24,053
University of North CarolinaSchool of the Arts	Public, 4-year or above	$28,551
University of North CarolinaWilmington	Public, 4-year or above	$24,605
University of North Carolina atAsheville	Public, 4-year or above	$23,824
University of North Carolina atChapel Hill	Public, 4-year or above	$22,214
University of North Carolina atCharlotte	Public, 4-year or above	$27,453
University of North Carolina atGreensboro	Public, 4-year or above	$26,841
University of North Carolina atPembroke	Public, 4-year or above	$25,831
Western Carolina University	Public, 4-year or above	$15,669

Question 1: What is the value of the teststatistic t for this hypothesis test? (round xand s to the nearest whole number).

Question 2: What is the P-value for thishypothesis test? (use 4 decimal places in your answer)

Question 3: What is the correct conclusion forthis hypothesis test?

a) The null hypothesis H₀: μ = 27995 isfalse with probability equal to the P-value, so rejectH₀.

b) The null hypothesis H₀: μ = 27995 is truewith probability equal to the P-value, so rejectH₀.    

c) Reject the null hypothesis H₀: μ = 27995;the probability we have made a mistake is equal to the P-value.

d) Do not reject the null hypothesis H₀: μ =27995 and conclude that the mean loan debt of recent UNC Systemgraduates does not differ significantly from the nationalaverage.

e) Reject the null hypothesis H₀: μ = 27995and conclude that the mean student loan debt of recent UNC Systemgraduates is less than the national average.