Question: The Department of Education reported that Stafford loan borrowers will owe, after graduation an sample average of $42,168 with a sample standard deviation of $5,400. This information was based on a random sample of 64 students. The confidence level is 99%.

1. what is the standard error of the mean?
2. Is the sampling distribution of xbar normally distributed?
3. What is the upper limit for the internal mu?
4. if $45,000 is the actual population mean, does it fall within the interval limits?

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