Problem 3. (20 points, 4 parts) The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. It is an attractive alterna- tive to getting an MBA for students wanting a career in investment. A student of finance hopes to show that the CFA designation is more lucrative than an MBA. He collects data on 45 recent CFAs (who do not have an MBA) and 45 MBAs (who do not have a CFA). The data are in "cfa_mba_compensation_45.xlex". Do not assume that population variances are equal. a) Clearly state both the null and alternative hypotheses. b) Calculate the value of the test statistic. c) Calculate the p-value. d) At the 5% level of significance, what is the conclusion of the test?