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What is the average credit card debt for college seniors

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Q: It has been reported that the average credit card debt for college seniors is $3262. The student senate at a large university feels that their seniors have a debt much less than this, so it conducts a study of 50 randomly selected seniors and finds that the average debt is $2995 with a sample standard deviation of $1100. With a=.05, is the student senate correct?

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