### Starting Annual Salaries for Public Accounting and Financial Planning Professions**Data Overview:**The table below shows samples of starting annual salaries for individuals entering the public accounting and financial planning professions. Annual salaries are presented in thousands of dollars.| Public Accountant | Financial Planner ||-------------------|-------------------|| 50.2 | 49.0 || 58.8 | 49.2 || 56.6 | 53.1 || 58.2 | 55.9 || 54.2 | 51.9 || 55.0 | 53.6 || 50.9 | 49.7 || 59.5 | 53.9 || 57.2 | 51.5 || 51.9 | 48.9 |**Statistical Analysis:****Objective:** Use a 0.05 level of significance to test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners.1. **Calculate the Mean and Standard Deviation:** - Enter the mean and standard deviation of the normal distribution that can be used for this statistical test, to two decimal places if necessary. - Mean: $ __________ in thousands - Standard deviation: $ __________ in thousands2. **Sum of the Ranks:** - What is the sum of the ranks for public accountants (to 1 decimal)? - Sum of ranks: __________This data can be used to analyze whether there is a statistical difference between the starting salaries of the two professions. The image contains a series of questions and input fields related to a hypothesis test comparing median annual salaries between two professions: public accountants and financial planners. Here's a detailed transcription and explanation:---b. **What is the value of the test statistic (to 2 decimals)?**Input field (left blank, marked with a red X indicating an error or incomplete input)**What is the p-value for the hypothesis test (to 4 decimals)?**Input field (left blank, marked with a red X)**Using α = .05, what is your conclusion?**Dropdown menu selected option: "Conclude there is a salary difference between the two professions." (marked with a green check indicating correctness)c. **What are the sample median annual salaries for the two professions (to 2 decimals)?**- **Public Accountant Median** - $ 55.65 (in thousands, marked with a red X) - **Financial Planner Median** - $ 51.85 (in thousands, marked with a red X)---The inputs appear to be part of a task to test the understanding or application of hypothesis testing. The test seeks to determine if there is a significant salary difference between public accountants and financial planners using a significance level (α) of 0.05. The conclusion reached indicates a significant difference based on the selected alpha level.

Name: ### Starting Annual Salaries for Public Accounting and Financial Plan
Uploaded: 2024-03-20T07:07:00.000Z
Channel: Bartleby
Description: ### Starting Annual Salaries for Public Accounting and Financial Planning Professions**Data Overview:**The table below shows samples of starting annual salaries for individuals entering the public accounting and financial planning professions. Annua

Let X denotes the starting salaries for Public accountant & Y denotes the starting salaries for Financial planner We have the sample data as S.No. X Y (x - x¯)2 (y - y¯)2 1 50.2 49 25.3009 7.1289 2 58.8 49.2 12.7449 6.1009 3 56.6 53.1 1.8769 2.0449 4 58.2 55.9 8.8209 17.8929 5 54.2 51.9 1.0609 0.0529 6 55 53.6 0.0529 3.7249 7 50.9 49.7 18.7489 3.8809 8 59.5 53.9 18.2329 4.9729 9 57 51.5 3.1329 0.0289 10 51.9 48.9 11.0889 7.6729 Total 552.3 516.7 101.061 53.501 x¯=1nx∑ixi=110×552.3=55.23y¯=1nx∑ixi=110×516.7=51.67 sx2=1nx-1∑i(xi-x¯)2=19×101.061=11.23sy2=1ny-1∑i(yi-y¯)2=19×53.501=5.94 To test that there is no difference in the stating annual salaries, the hypothesis of interest is H0: μx=μyH1: μx≠μy Under the null hypothesis, the test statistics are independent sample t-test: t=|x¯-y¯|S1nx+1ny~tnx+ny-2 ; S=(nx-1)sx2+(ny-)sy2nx+ny-2=10×11.23+10×5.9410+10-2=2.93 = |55.23 -51.67|2.93110+110~t18 = 2.72 Mean difference = |x¯-y¯|=3.56 With pooled Standard deviation = S1nx+1ny=1.31 For a two-tailed test, p-value = P(|Z|≥2.72)=0.0065 < α=0.05 At a 5% level of significance, the difference in salary is significant between the two professions. Median is the middlemost value of the data. For it first we arrange the data in ascending order for both X &n Y S.No. X Y 1 50.2 48.9 2 50.9 49 3 51.9 49.2 4 54.2 49.7 5 55 51.5 6 56.6 51.9 7 57 53.1 8 58.2 53.6 9 58.8 53.9 10 59.5 55.9 For the Public Accountant, the median is the mean of the 5th and 6th value, i.e., Median(X) = (55+56.6)/2 = 55.80 For the Financial Planner, the median is the mean of the 5th and 6th value, i.e., Median(X) = (51.5+51.9)/2 = 51.70

Math

Statistics

b. What is the value of the test statistic (to 2 decimals) What is the p-value for the hypothesis test (to 4 decimals)? Using a = .05, what is your conclusion? Conclude there is a salary difference between the two professions c. What are the sample median annual salaries for the two professions (to 2 decimals)? Public Accountant Median %24 in thousands 55.65 Financial Planner Median $ 51.85 in thousands

b. What is the value of the test statistic (to 2 decimals) What is the p-value for the hypothesis test (to 4 decimals)? Using a = .05, what is your conclusion? Conclude there is a salary difference between the two professions c. What are the sample median annual salaries for the two professions (to 2 decimals)? Public Accountant Median %24 in thousands 55.65 Financial Planner Median $ 51.85 in thousands

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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