STAT 210
FOCUS EXERCISE 10
The parameter of interest is the mean student loan amount for all students in the Commonwealth of Virginia who
received student loans in 2005. For the purposes of this focus exercise, assume the distribution of the student loan
amounts is skewed slightly to the right with a standard deviation of $835.
1.
Information in the report is estimated from data provided by each institution, not information on each student.
From the institution report data, the mean student loan amount for all students in the Commonwealth of
Virginia who received student loans in 2005 is $7619. Of interest is to test, using student data, to determine if
this figure is accurate or if the mean student loan amount for all students in the Commonwealth of Virginia
who received student loans in 2005 is different from $7619. To test this claim, a simple random sample of 60
students who received student loans in 2005 was selected and the amounts of their student loans are given
below.
10000
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 Fall '06
 Basu
 Statistics, Debt, Statistical hypothesis testing, Statistical significance, Statistical power, Ronald Fisher

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