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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich
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Student loan default rate. The national student loan

Chapter 7, Problem 11E

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QUESTION:

Problem 11E

Student loan default rate. The national student loan default rate has fluctuated over the last several years. A few years ago, the Department of Education reported the default rate (i.e., the proportion of college students who default on their loans) at .07. Set up the null and alternative hypotheses if you want to determine if the student loan default rate this year is less than .07.

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QUESTION:

Problem 11E

Student loan default rate. The national student loan default rate has fluctuated over the last several years. A few years ago, the Department of Education reported the default rate (i.e., the proportion of college students who default on their loans) at .07. Set up the null and alternative hypotheses if you want to determine if the student loan default rate this year is less than .07.

ANSWER:

Solution:

Step 1 of 2:

It is given that the national student loan default rate is at 0.07.

Using this we have to set the null and alternative hypotheses to test the fact that the student loan rate this year is less than 0.07.

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