According to an estimate, the average total parent and student debt for new college graduates was $34,000 in 2010–11. A random sample of 500 of this year‘s graduates show their average such debt is $37,000 with a standard deviation of $5480. Do the data provide a significant evidence at 3% significance level to include that the current average total parent and student debt for new graduates is higher than $34,400. Use both the P value approach and the critical value approach.