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 48.0 59.8 50.2 56.3 53.1 59.2 55.9 55.2 52.9 56.0 52.6 51.9 48.7 60.5 53.9 58.0 52.8 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 hypotheses. 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 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: 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. Find the value of the test statistic. W = Find the p-value. (Round your answer to four decimal places.) p-value =

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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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	48.0
59.8	50.2
56.3	53.1
59.2	55.9
55.2	52.9
56.0	52.6
51.9	48.7
60.5	53.9
58.0	52.8
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 hypotheses.

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

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

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

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

H_a: Median salary for public accountants − Median salary for financial planners > 0

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

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 not 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.

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 Accountantssample median=$ ( )

Financial Plannerssample median=$ ( )

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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