Question

1. The population distribution of college Student debt, as of May, 2019, is heavily skewed to the right with a mean debt of $30,000 and a standard deviation of $7510.
   1. Explain why it is not possible to determine the probability that a randomly selected college student in your area, has a debt that’s less than $28,000
   2. Determine the probability that a random sample of 30 college students will have a mean debt of less than $28,000. Be sure to use the three step process to determine your solution

Answer 1

a)

The following information has been provided:

We need to compute . The corresponding z-value needed to be computed:

Therefore,

b)

The following information about the mean and standard deviation has been provided:

We need to compute . The corresponding z-value needed to be computed:

Therefore,