The mean annual salary offer for a student graduating with a degree in accounting (in 2010)...

The mean annual salary offer for a student graduating with a degree in accounting (in 2010) was $48,722.

Suppose that a randomly selected sample of 20 accounting graduates shows an average salary offer of $49,850 with a standard deviation of $3300.

A. How many degrees of freedom are there for the t distribution?

B. Assume that the population distribution is normal. What is the value of the test statistic, t? Give your answer to two decimal places.

C. If we use a significance level of 0.05, what is the critical value of t? (Hint: Use the attached table. Is this for a one-sided or two-sided test?)

Solutions

Expert Solution

A) Df = n-1= 20-1 = 19

B) test statistics = 1.53

C) Critical Value = 2.093

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