The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates in 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis  Step 2. Standardized test statistic formula  Step 3. State the level of significance  Step 4. Decision Rule (Draw a bell to show rejection zone)  Step 5. Calculation of the statistic  Step 6. Conclusion

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