Question 20 (1 point) Question 20 Unsaved A university is comparing the hourly w

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Question 20 (1 point) Question 20 Unsaved A university is comparing the hourly wages of students of their university who completed a Master's Degree to students who only completed a Bachelor's Degree. Of the students surveyed, 61 had a Master's degree and 62 had a Bachelor's Degree only. The average hourly rate for those with a Master's was $37.042 (SD = $4.474). Among the graduates with a Bachelor's degree, the average hourly rate was $26.901 (SD = $7.173). You use this information to calculate a 90% confidence interval for the difference in mean hourly wage of (8.35, 11.932). Of the following statements, what is the best interpretation of this interval? Question 20 options: 1) We are 90% sure that the difference in average hourly wage of all nationwide graduates with a Master's degree and all nationwide graduates with a Bachelor's degree is between 8.35 and 11.932. 2) We are 90% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree surveyed is between 8.35 and 11.932. 3) We are certain that the difference between the average hourly wage of all graduates with a Master's degree and all graduates with a Bachelor's degree is between 8.35 and 11.932. 4) We are 90% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree is between 8.35 and 11.932. 5) We do not know the population means so we do not have enough information to make an interpretation.

Explanation / Answer

The best interpretation of the 90% confidence Interval is

We are 90% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree surveyed is between 8.35 and 11.932.

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