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Develop a 99% confidence interval of the difference between the mean annual cost of attending private and public colleges

Develop a 99% confidence interval of the difference between the mean annual cost of attending private and public colleges

MATLAB: An Introduction with Applications
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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Develop a 99% confidence interval of the difference between the mean annual cost of attending private and public colleges 

Hypothesized Mean Difference df t Stat P(T<=t) one-tail P(T<=t) two-tail 0 15 -- 0.000000525 0.000001005
Transcribed Image Text:Hypothesized Mean Difference df t Stat P(T<=t) one-tail P(T<=t) two-tail 0 15 -- 0.000000525 0.000001005
X + 5. The average annual cost (including tuition, room, board, books, and fees) to attend a public college takes nearly a third of the annual income of a typical family with college-age children (Money, April 2012). At private colleges, the average annual cost is equal to about 60% of the and public colleges. Data are in thousands of dollars. typical family's income. The following random samples show the annual cost of attending private Private 52.8 43.2 45 33.3 44 30.6 45.8 37.8 50.5 42 Public 20.3 22 28.2 15.6 24.1 28.5 22.8 25.8 18.5 25.6 14.4 21.8 We want to conduct a hypothesis test to determine whether the cost of attending private colleges is significantly higher than the cost of attending public colleges. Use a = 0.05. A portion of EXCEL outputs is displayed in the following table. t-Test: Two-Sample Assuming Unequal Variances Private Public 42.5 22.3 Mean 48.7 20.5 Variance 12 10 Observations Hypothesized Mean Difference df t Stat 0 15 COC MacBook Pro
Transcribed Image Text:X + 5. The average annual cost (including tuition, room, board, books, and fees) to attend a public college takes nearly a third of the annual income of a typical family with college-age children (Money, April 2012). At private colleges, the average annual cost is equal to about 60% of the and public colleges. Data are in thousands of dollars. typical family's income. The following random samples show the annual cost of attending private Private 52.8 43.2 45 33.3 44 30.6 45.8 37.8 50.5 42 Public 20.3 22 28.2 15.6 24.1 28.5 22.8 25.8 18.5 25.6 14.4 21.8 We want to conduct a hypothesis test to determine whether the cost of attending private colleges is significantly higher than the cost of attending public colleges. Use a = 0.05. A portion of EXCEL outputs is displayed in the following table. t-Test: Two-Sample Assuming Unequal Variances Private Public 42.5 22.3 Mean 48.7 20.5 Variance 12 10 Observations Hypothesized Mean Difference df t Stat 0 15 COC MacBook Pro
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