Finance Majors Business Analytics Majors n= 140 n2 = 30 X, = $48,137 X2 = $55,217 s, = $19,000 S2 = $10,000 Formulate hypotheses so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use a = 0.05. (Let u, = the population mean salary for Finance majors, and let µ = the population mean salary for Business Analytics majors. Enter != for + as needed.) What is the value of the test statistic? (Use u, - H3. Round your answer to three decimal places.) What is the p-value? (Round your answer to four decimal places.) p-value =

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Suppose a certain state university's college of business obtained the following results on the salaries of a recent graduating class:
Finance Majors
Business Analytics Majors
= 140
n2 = 30
X1 = $48,137
X2 = $55,217
S1
$19,000
S2
$10,000
%3D
(a) Formulate hypotheses so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use = 0.05. (Let µ,
= the
population mean salary for Finance majors, and let u,
= the population mean salary for Business Analytics majors. Enter != for + as needed.)
Ho:
Ha:
(b) What is the value of the test statistic? (Use u,
uz. Round your answer to three decimal places.)
(c) What is the p-value? (Round your answer to four decimal places.)
p-value
%3D
Transcribed Image Text:Suppose a certain state university's college of business obtained the following results on the salaries of a recent graduating class: Finance Majors Business Analytics Majors = 140 n2 = 30 X1 = $48,137 X2 = $55,217 S1 $19,000 S2 $10,000 %3D (a) Formulate hypotheses so that, if the null hypothesis is rejected, we can conclude that salaries for Finance majors are significantly lower than the salaries of Business Analytics majors. Use = 0.05. (Let µ, = the population mean salary for Finance majors, and let u, = the population mean salary for Business Analytics majors. Enter != for + as needed.) Ho: Ha: (b) What is the value of the test statistic? (Use u, uz. Round your answer to three decimal places.) (c) What is the p-value? (Round your answer to four decimal places.) p-value %3D
Expert Solution
Step 1

We have given that 

Sample sizes n1= 140     , n2= 30
 
Sample means X̄1=48137      , X̄2=55217   
 
  s1 = 19000      s2= 10000
 
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