Question

In: Statistics and Probability

Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow....

Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars.

Public Accountant Financial Planner
51.2 49.0
57.8 50.2
57.3 52.1
58.2 54.9
54.2 51.9
54.0 52.6
49.9 50.7
59.5 54.9
58.0 51.8
51.9 47.9

(a)

Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners.

State the null and alternative hypotheses.

H0: Median salary for public accountants − Median salary for financial planners ≤ 0
Ha: Median salary for public accountants − Median salary for financial planners > 0

H0: The two populations of salaries are not identical.
Ha: The two populations of salaries are identical.    

H0: Median salary for public accountants − Median salary for financial planners > 0
Ha: Median salary for public accountants − Median salary for financial planners = 0

H0: The two populations of salaries are identical.
Ha: The two populations of salaries are not identical.

H0: Median salary for public accountants − Median salary for financial planners ≥ 0
Ha: Median salary for public accountants − Median salary for financial planners < 0

Find the value of the test statistic.

W =

Find the p-value. (Round your answer to four decimal places.)

p-value =

What is your conclusion?

Reject H0. There is sufficient evidence to conclude that there is a significant difference between the starting annual salaries of public accountants and financial planners.

Do not reject H0. There is sufficient evidence to conclude that there is a significant difference between the starting annual salaries of public accountants and financial planners.   

Do not reject H0. There is not sufficient evidence to conclude that there is a significant difference between the starting annual salaries of public accountants and financial planners.

Reject H0. There is not sufficient evidence to conclude that there is a significant difference between the starting annual salaries of public accountants and financial planners.

(b)

What are the sample median annual salaries (in $) for the two professions?

Public Accountants sample median=$

Financial Planners sample median=$

Solutions

Expert Solution


Related Solutions

Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow....
Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 49.2 48.0 57.8 48.2 56.3 54.1 58.2 55.9 53.2 51.9 55.0 52.6 49.9 50.7 60.5 52.9 57.0 52.8 52.9 47.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative...
Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow....
Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 51.2 48.0 59.8 49.2 55.3 53.1 57.2 55.9 54.2 51.9 56.0 52.6 51.9 49.7 60.5 53.9 57.0 51.8 50.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative...
Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow....
Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 50.0 59.8 48.2 56.3 52.1 57.2 55.9 55.2 51.9 55.0 54.6 51.9 48.7 60.5 54.9 58.0 50.8 52.9 49.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and alternative...
Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars.
  Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Public Accountant Financial Planner 50.2 49.0 59.8 49.2 55.3 54.1 57.2 54.9 53.2 50.9 56.0 52.6 50.9 50.7 59.5 54.9 58.0 50.8 52.9 48.9 (a) Use a 0.05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. State the null and...
Below are the summary statistics for the starting annual salaries (in thousands of dollars) for individuals...
Below are the summary statistics for the starting annual salaries (in thousands of dollars) for individuals entering the public accounting and financial planning professions. If the level of significance is 0.05, is there sufficient evidence that the mean starting annual salaries for those entering public accounting are higher than the mean starting salaries for those entering financial planning? YES or NO? Sample 1 (public accounting) xbar = 60.35 S = 3.25 n = 12 Sample 2 (fin. planning) xbar =...
Below are the summary statistics for the starting annual salaries (in thousands of dollars) for individuals...
Below are the summary statistics for the starting annual salaries (in thousands of dollars) for individuals entering the public accounting and financial planning professions. If the level of significance is 0.05, and that you tested to see if the mean starting annual salaries for those entering public accounting are higher than the mean starting salaries for those entering financial planning, what was the pValue for your test result? Sample 1 (public accounting) xbar = 60.35 S = 3.25 n =...
2. Starting salaries. You are planning a survey of starting salaries for recent computer science majors....
2. Starting salaries. You are planning a survey of starting salaries for recent computer science majors. In the latest survey by the National Association of Colleges and Employers, the average starting salary was reported to be $61,287. If you assume that the standard deviation is $3850, what sample size do you need to have a margin of error equal to $500 with 95% confidence? (report as an integer) 3. Suppose that in the setting of question 2 you have resources...
The starting salaries of individuals with an MBA degree are normally distributed with a mean of...
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 16 of these individuals with an MBA degree. What is the standard deviation of the average starting salary for these individuals? a. $4,000 b. $5,000 c. $20,000 d. $1,666.67
The starting salaries of individuals with an MBA degree are normally distributed with a mean of...
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 16 of these individuals with an MBA degree. What is the probability that the average starting salary for these individuals is at least $85,800? 0.7995 0.9131 0.2005 -0.2611
You are on the verge of entering the public accounting profession (or private, governmental, or not-for-profit...
You are on the verge of entering the public accounting profession (or private, governmental, or not-for-profit sectors), a challenging, but rewarding field. While a pivotal skillset in your career will be application of financial accounting research (thank goodness you are in this class!), another critical component of your career success will be earning the CPA license within the first few years of being in the profession. a. Changes that are currently being discussed with regard to the CPA and what...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT