Answered: A college student is interested in…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

A college student is interested in investigating the claim that students who graduate with a master’s degree earn higher salaries, on average, than those who finish with a bachelor’s degree. She surveys, at random, 37 recent graduates who completed their master’s degrees, and finds that their mean salary is $⁢32,000 per year. The standard deviation of annual salaries for the population of recent graduates who have master’s degrees is known to be $1300. She also surveys, at random, 31 recent graduates who completed their bachelor’s degrees, and finds that their mean salary is $31,400 per year. The standard deviation of annual salaries for the population of recent graduates with only bachelor’s degrees is known to be $1900. Test the claim at the 0.02 level of significance. Let recent graduates with a master's degree be Population 1 and let recent graduates with a bachelor's degree be Population 2.

Compute the value of the test statistic. Round your answer to two decimal places.

Draw a conclusion and interpret the decision.

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