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Reports suggest that the average credit card debt for recent college graduates is $3000. FedLoan Servicing...

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Statistics

Reports suggest that the average credit card debt for recentcollege graduates is $3000. FedLoan Servicing believes the averagedebt of graduates is much less than this, so it conducts a study of50 randomly selected graduates and finds that the average debt is$2975, and the population standard deviation is $1000. Let’sconduct the test based on a Type I error of α=0.05.

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SolutionGiven the average credit card debt for recent college graduatesis 3000FedLoan Servicing believes the average debt of graduates is muchless than thisThat is we have to test if mean Sample size n 50Sample mean    See Answer
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