Question

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 = $48,237 x2 = $55,417
s1 = $19,000 s2 = $10,000

Required:
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 α = 0.05. (Let μ1 = the population mean salary for Finance majors, and let μ2 = the population mean salary for Business Analytics majors.
b. What is the value of the test statistic?
c. What is the p-value? (Round your answer to four decimal places.)
d. What is your conclusion?

Answer 1

Answer:

Following are the responses to the given choice:

Step-by-step explanation:

For point a:

$H_0: \mu_1 - \mu_2 = 0\\\\ H_1: \mu_1 - \mu_2 < 0$

For point b:

$t = -2.953$

For point c:

$\to p- value = 0.0021$

For point d:

Reject $H_o$. It could deduce that the pay of higher banking is considerably lower than the pay of higher project management.