Question: Suppose a college claims that its graduates from the business
Suppose a college claims that its graduates from the business programs earn $40,000 a year, on average, after graduation. You are making only $38,000, so you have reason to doubt the college's claim. You take a random sample of 35 graduates, and calculate an average salary of $39,368. Assume that if the college's claim is true, sample means of one-year-after-graduation salaries would be normally distributed, with a mean of $40,000 and a standard deviation of $554. Does your sample result suggest that the college's claim overstates salaries?
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