According to CNN, the average starting salary for accounting graduates was $47,413. Suppose that the American Society for Certified Public Accountants planned to test this claim by randomly sampling 200 accountants who recently graduated.
a. State the appropriate null and alternative hypotheses.
b. Compute the power of the hypothesis test to reject the null hypothesis if the true average starting salary is only $47,000. Assume that the population standard deviation is known to be $4,600 and the test is to be conducted using an alpha level equal to 0.01.