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Using the formula of test statistic, the value of the test statistic is 2.6961.
The mean of the public accountant is
Mean x(p) =50.2+59.8+57.3+59.2+53.2+56.0+49.9+58.5+56.0+51.9/10
x(p) = 55.2
Now the standard deviation of public accountant is
SD(p) = √{∑(x-x(p))^2/n-1}
SD(p) = √(50.2-55.2)^2+(59.8-55.2)^2+..................+(51.9-55.2)^2/n-1
After solving;
SD(p) = 3.34
The mean of the financial planner is
Mean x(F) =48.0+49.2+53.1+55.9+51.9+53.6+49.7+53.9+52.8+48.9/10
x(F) = 51.6
Now the standard deviation of financial planner is
SD(F) = √{∑(x-x(p))^2/n-1}
SD(F) = √(48.0-51.6)^2+(49.2-51.6)^2+..................+(48.9-51.6)^2/n-1
After solving;
SD(F) = 2.57
Test Statistic (t) =
t =
After solving
t = 2.6961
Hence, the value of the test statistic is 2.6961.
To learn more about test statistic link is here
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The right question is
public accountant 50.2 59.8 57.3 59.2 53.2 56.0 49.9 58.5 56.0 51.9
financial planner 48.0 49.2 53.1 55.9 51.9 53.6 49.7 53.9 52.8 48.9
Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planner
Find the value of the test statistic.
Answer:
If we compare the p value and using the significance level given we have
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and we can said that at 5% or 1% of significance we fail to reject the null hypothesis.
Step-by-step explanation:
It's important to refresh the p value method or p value approach . "This method is about determining "likely" or "unlikely" by determining the probability assuming the null hypothesis were true of observing a more extreme test statistic in the direction of the alternative hypothesis than the one observed". Or in other words is just a method to have an statistical decision to fail to reject or reject the null hypothesis.
The significance level is not provided but we can assume it as . First we need to calculate the degrees of freedom like this:
The next step would be calculate the p value for this test. Since is a bilateral test or two tailed test, the p value would be:
If we compare the p value and using the significance level given we have
so we can conclude that we have enough evidence to FAIL to reject the null hypothesis, and we can said that at 5% or 1% of significance we fail to reject the null hypothesis.