Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose a certain state university's college of business obtained the following results on the salaries of a recent graduating class: Finance Majors Business Analytics Majors
Suppose a certain state university's college of business obtained the following results on the salaries of a recent graduating class: Finance Majors Business Analytics Majors n1 = 140 n2 = 30 X1 = $48,137 *2 = $55,217 S1 = $19,000 $7 = $10,000 (a) Formulate hypotheses so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use a = 0.05. (Let #, = the population mean salary for Finance majors, and let #, = the population mean salary for Business Analytics majors. Enter != for # as needed.) Ho: Had (b) What is the value of the test statistic? (Use #1 - #2. Round your answer to three decimal places.) (c) What is the p-value? (Round your answer to four decimal places.) p-value = (d) What is your conclusion? Do not reject Ho. We cannot conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. O Reject Ho. We can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. O Reject Ho. We cannot conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. O Do not reject Ho. We can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started