Page l2 Use the following scenario for the next 5 questions. An article in Forbe

Question

Page l2 Use the following scenario for the next 5 questions. An article in Forbes reported that nationally, recent graduates completing 4-year accounting have average starting salaries of $45,200 with a standard deviation of S5,8 News asked a professor at the University of Arkansas if U of A accounting graduates starting salaries differ from the national average. To answer this question, the professor randomly degrees in sampld12 accounting majors from last year's graduating class and found a sample mean salary of $44,000. (assume the data are normally distributed) What type of statistical test should she use to test this hypothesis? a. z-test: single sample mean b. test: single sample mean c. t-test: paired two sample for means d. z-test: single sample proportion 1. 2. What hypothesis is being tested? Ho: = 45,200 H: #45,200 Hai = 44,000, Hi:r 44,000 Ha: > 45,200, Hi:r

Explanation / Answer

1) Option-A). Because population standard deviation is known.

2) Option-A)

3) test statistic = (X bar - mean) / (sd/sqrt(n))

= (45200 - 44000) / (5800/sqrt(12))

= 0.717

P-value = 2 *P(Z > 0.72) = 2 * 0.2358 = 0.4716

Option-D)

4) since, p-value is greater than significance level of 0.05, we should not reject the null hypothesis

Option-B)

5) Z for 68% confidence interval = Z0.16 = 1

Confidence interval = (44000 + 1 * 5800/sqrt(12))

= (44000 + 1674)

= (42326, 45676)

Option-D

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