Question

A report states that the mean yearly salary offer for students graduating with a degree in accounting is $48,744. Suppose that a random sample of 50 accounting graduates at a large university who received job offers resulted in a mean offer of $49,850 and a standard deviation of $3400. Do the sample data provide strong support for the claim that the mean salary offer for accounting graduates of this university is higher than the national average of $48,744? Test the relevant hypotheses using α = 0.05. t= p-value=

Answer 1

Null hypothesis  

           
              
Alternative hypothesis      

       
              
We have for given sample,              
Population mean for given sample=$48744
Sample mean=$49850      
Sample standard deviation s=$3400  
Sample size =n=   50      
              
Degree of freedom = n-1 =49  
              
              
              
t test statistic formula is              


=2.300      

P value is 0.0129.........................by using Excel command TDIST(2.3 , 49 , 1)

P value is =0.0129 < 0.05

Therefore, we reject H0 at

We have sufficient evidence at to say that, the mean salary offer for accounting graduates of this university is higher than the national average of $48,744