Annual Cost of College. The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been widely discussed in many publications including Money magazine. The Excel file "CollegeCosts" shows random samples of the annual cost of attending private and public colleges. Data are in thousands of dollars. a. Do you use a T or a normal distribution? (Hint: Do you know the population standard deviation of annual costs for both types of colleges?) b. Are the samples matched or independent? (Hint: Are the samples made up of the same set of students?) c. At the 5% level of significance, test whether there is a difference between the mean annual cost of attending private and public colleges. (Hint: notice you are testing for difference, not an increase or decrease. That should tell you whether you are to do a two-tail or one-tail test
Annual Cost of College. The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been widely discussed in many publications including Money magazine. The Excel file "CollegeCosts" shows random samples of the annual cost of attending private and public colleges. Data are in thousands of dollars.
a. Do you use a T or a
b. Are the samples matched or independent? (Hint: Are the samples made up of the same set of students?)
c. At the 5% level of significance, test whether there is a difference between the mean annual cost of attending private and public colleges. (Hint: notice you are testing for difference, not an increase or decrease. That should tell you whether you are to do a two-tail or one-tail test).
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This is very helpful, thank you! Could you please share the excel fomulas used to acheve this?
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