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 =

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.6: Summarizing Categorical Data

Problem 30PPS

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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=$ ( )

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