Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A well-known college admissions committee recently conducted a study to determine the relative debt incurred by students receiving their degree in four years versus those

A well-known college admissions committee recently conducted a study to determine the relative debt incurred by students receiving their degree in four years versus those taking more than four years. Some on the committee speculated a four-year student would likely to attending full-time, whereas one taking more than four years could have a part-time job. However, average total debt provides only part of the information. Since the average, or mean, is affected by both large and small values, the committee also needed some way to determine the relative variance for the two groups. Samples of 10 produced standard deviation of 1513 for those taking more than four years and samples of 10 produced standard deviation of 2636 for those taking four years to graduate. Calculate the value of test statistic used to determine if the variance of the debt for those taking more than four-year to graduate is lower than those taking four years to graduate at the 5% level of significance (round your final answer to two decimal places). Assume population 1 = taking more than four years to graduate and population 2 = taking four years to graduate.Also assume that debts are normally distributed for both groups.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematics For Liberal Arts Majors

Authors: Christopher Thomas

1st Edition

0071544305, 9780071544306

More Books

Students also viewed these Mathematics questions