The average student loan debt for juniors for a recent year was $9540. Five years earlier the average student loan debt for juniors was $8880. Assume sample sizes of 34 were used and the population standard deviations of both samples were $1069. Is there evidence to conclude that the average student loan debt for juniors has increased? Use.
a. State the hypotheses.
b. Find the critical value.
c. Compute the test statistic.
d. Make the decision.
e. Summarize the results.