Two independent random samples of annual starting salaries for individuals with Masters and Bachelors degrees in business were taken, and the results are shown below:

Masters Degree

Bachelors Degree

Sample size (n)

33

30

Sample mean (x̅)

$58,000

$54,000

Sample standard deviation (s)

$2,400

$2,000

Using the information in the table, please determine the following:

(Make sure that you show ALL of your work for full credit)

1. Point Estimate ___________

2. Standard Error ___________

3. Degrees of Freedom ___________

4. t-value a 95% confidence level ___________

5. Confidence Interval at 95% confidence level _______________________

6. Conclusion for Confidence interval

________________________________________________________________________________________________________________________________________________________________________________________________________________________

7. Hypotheses for significant difference in salary means at α=.05 level.

8. t-statistic ___________

9. p-value ___________

10. Conclusion for hypothesis testing

________________________________________________________________________________________________________________________________________________________________________________________________________________________

Answer rating: 100% (QA)

1 Point Estimate The point estimate is the sample mean For the Masters degree holders the sample mean is x 58000 For the Bachelors degree holders the ... View the full answer